A recent survey conducted by the National Association of Exclusive Buyer Agents (NAEBA) shows that some real estate closings are already being affected by the new “Know Before You Owe/TRID” regulations that went into effect October 3. The survey went out to brokers across the United States and nearly 20 percent stated they are already seeing issues, mostly delays in closing.

According to one respondent, “Lenders are almost all asking for 45 days to closing vs. previous 30 days.”  Another respondent stated, “We’ve been advised to prepare for further delays until everyone has more experience with the new CFPB/TRID Regulations.”

The study also showed that most NAEBA buyer agents are educating themselves about the new regulations. 72 percent of the buyer agents that are part of the NAEBA Referral Service stated that they have attended a class or workshop on the new regulations in order to better assist their buyer clients. “We wanted to make sure any agents to which we are referring consumers are informed and can help buyers plan for any delays,” states NAEBA Referral Service President Ken Reid.

“At NAEBA, we applaud the Consumer Financial Protection Bureau for its efforts in educating consumers and giving them the tools they need to understand their mortgage,” states Dawn Rae, NAEBA President. “We believe, though, that this survey shows that consumers should also be prepared for real estate transactions to take longer to close at least in the near future as lenders adjust to the new regulations, and that it’s important to have an Exclusive Buyer Agent on their side to help them navigate through this complicated process.”

For more information about the NAEBA Referral Service, visit www.naeba.org.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at (713) 249-4177  or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com