Title agents reported an average increase in closing costs of $184 per transaction during the second quarter, according to a report from First American Financial Corp.
The increases varied by state, with title agents in New Mexico reporting the highest increase at $313 and agents in Indiana seeing just a $58 uptick.
While some of the increases mainly stemmed from the varied approaches to implementing the TILA-RESPA integrated disclosure rules taken by lenders, though not necessarily from TRID directly, First American reported Tuesday in its Real Estate Sentiment Index.
Title agents were also less inclined to expect closing delays related to the TRID rules. Overall, 20% fewer title agents anticipated TRID-caused delays in the second quarter versus the previous quarter.
"Change is difficult, and the implementation of the new Know Before You Owe processes and forms was a challenge for title agents as well as lenders, requiring significant investments in new technology and time," First American chief economist Mark Fleming said in a news release.
"Based on our survey, title agents' belief that the new rules are benefiting consumers is improving and that closing delays are declining. We are all getting used to the new normal."
First American also found a 74.7% improvement over the first quarter in title agents' sentiment regarding consumers' understanding of the loan closing post-TRID. Still, Fleming noted that agents remained negative on that factor overall.
