While 2015 focused on compliance with the TILA-RESPA Integrated Disclosure rule (TRID), 2016, it seems, will get everyone back to work. The Title Report spoke with WFG’s Patrick Stone and Steve Ozonian, along with several title agents, about their projections and expectations for the new year.
Stone, the CEO of WFG, said right now, the industry is still very much focused on how to accommodate regulators and lenders in regards to TRID.
“I think that will continue to be a focus going into the first quarter,” he said. “Candidly, when you do three to four transactions with a lender, you will perfect the system. I think we’ll get efficiencies with each lender within three to four transactions. It will probably take six months before processing the combined disclosure quits being significant extra work. It will decline 30 (percent to) 40 percent extra work to 10 percent extra work over 90 days and another 90 days to get to normal. That’s going to preoccupy the industry.”
He went on to say despite the adjustment to TRID, resales will be up in 2016.
“You get varying guesses and varying estimates by different players, but I think everyone is optimistic resales will be up. Refis will be gradually down, but they won’t fall off a cliff. Rates won’t go up that much. I think it will be a good backdrop for a good year for the industry,” he said.
For the rest of this story, and all the additional content and insight available in our 20-page 2016 State of the Industry Special Report, download your free copy of the report here.