STRATMOR Survey Results – TRID Impact and Experience

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STRATMOR Survey Results Find TRID Has Increased Mortgage Lender Origination Costs Approximately $210/Loan While Significantly Boosting Borrower Satisfaction

  • 87 percent of mortgage industry survey respondents have either fully or mostly accomplished TRID implementation
  • Independent lenders are generally well ahead of banks with regard to TRID implementation
  • After hitting a high of over 48 days, application-to-closing times are returning to pre-TRID levels
  • Overall borrower satisfaction is at a multi-year high, likely due to increased pre-closing contact

GREENWOOD VILLAGE, CO. — March 23, 2016 – Today, STRATMOR Group, a strategic advisory and consulting firm that helps mortgage lending industry clients optimize their performance, released select results from its TRID – Impact and Experience Spotlight Survey of mortgage industry executives, alongside data from its MortgageSAT Borrower Satisfaction Program. The TILA-RESPA Integrated Disclosure (TRID) is the Consumer Financial Protection Bureau’s (CFPB) major initiative aimed at restructuring the disclosures provided to consumers seeking to obtain a mortgage. Together, STRATMOR’s findings help paint a more complete picture of the impact TRID has had, not only on the mortgage industry, but also on the borrowers it was created to assist.

Based on the results of STRATMOR’s Spotlight Survey, TRID implementation seems to be largely complete, with the vast majority (87 percent) of survey respondents reporting implementation either fully or mostly accomplished; only one percent said their efforts were “way behind.” Independent lenders were generally ahead of banks, with TRID implementation fully accomplished at 72 percent of small and 80 percent of mid-sized independents, as compared to just 33 and 44 percent respectively for small and mid-sized banks. In fact, banks seemed to have a harder time with implementation all around, with 31 percent characterizing their experience under TRID as either “difficult” or “terrible” versus only 16 percent of independents reporting similar results.

“Implementing TRID has obviously not been easy for lenders” said Dr. Matthew Lind, STRATMOR senior partner and founder. “It’s been costly as well. On average, since October 2015, TRID has increased lender back office fulfillment and post-closing costs by an average of $209 per loan, and lenders are estimating that only about 17 percent of those costs can be recovered through additional charges,” said Lind. “However, TRID seems to be associated with a significant pickup in borrower satisfaction, despite somewhat slower application-to-closing times. At the end of the day, improving the borrower’s experience is a main objective of TRID, and in an increasingly competitive origination market, it is also a primary goal of lenders as well.”

The increase in satisfaction is borne out by STRATMOR’s MortgageSAT Borrower Satisfaction Program data (see chart below), which pulls in thousands of data points every month. The MortgageSAT data shows that the time to process a mortgage from application to closing, after initially increasing, is moving back towards pre-TRID levels. There has also been a steady and substantial increase – from 85 to 91 percent – in the proportion of borrowers being contacted by their lender prior to closing. Increasing such contact was a key goal of TRID and has previously been shown by MortgageSAT to be an important factor affecting overall borrower satisfaction. As a result, overall borrower satisfaction with the origination process now stands at 91 percent, a record high since MortgageSAT was launched in 2013.

Full results of the TRID – Impact and Experience Survey are available for purchase from STRATMOR online at For more information about participation in future STRATMOR surveys, the MortgageSAT Borrower Satisfaction program or any of STRATMOR Group’s other offerings, please visit STRATMOR on the web at


About STRATMOR Group

STRATMOR Group is a mortgage industry advisory firm that offers a range of products and services designed to provide lender CEOs and senior executives in sales, marketing, technology and operations with comprehensive data and key insights across a full spectrum of consulting services.  The firm serves more than 250 companies operating in the sector and provides consulting on strategies and actions clients should implement to improve growth and profitability, reduce risk or position themselves to make an acquisition or sell the company. It is well known across the industry for its financial models and its collaboration with the Mortgage Bankers Association in conducting the PGR: MBA and STRATMOR Peer Group Roundtables program. The company prides itself on a proven ability to bring an unwavering commitment to objectivity to every client engagement. Find out more about the firm on its website at

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