REALTORS® and the New Closing Process Survey

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Highlights:

• Delayed transactions fell from 10.4% to 8.5%, but cancelations edged up slightly from 0.6% to 0.7%.
• 45.6% of respondents had problems getting closing disclosures down from 54.5%.
• However, REALTORS® were more likely to request closing disclosures from title agents than lenders in the 3rd quarter, especially REALTORS® with greater transactions volume.
• Delayed and canceled transactions cost consumers $410 and $226 on average, respectively. Rental and deposit expenses as well as lost vacation time accounted for most expenses.