ALTA Survey Finds Increase in Consumer Review of Mortgage Disclosures Under New TRID (TILA/RESPA) Disclosures

by Jeff Sovern

A press release is here. ALTA is the American Land Title Association. I haven't read the study (I couldn't find the actual report of the study on the web site), but it reports an increase in consumers who read the mortgage disclosures from 74% to 92% since the TRID disclosures went into effect. The study also found that the new disclosures produced only minimal closing delays. It would be interesting to know more about how much and what consumers take away from the disclosures; I doubt, for example, based on past studies, that 92% of the respondents spent enough time on the disclosures to understand fully their obligations. Still, the direction of the increase in the percentage of consumers reading them is definitely encouraging and the amount of that increase is a victory for the CFPB's mortgage disclosures.

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