A February survey conducted by Callahan& Associates revealed more than 96% of credit unionexecutives experienced mortgage closing delays over the past sixmonths. Respondents reported the average number of days to closewas 42, up from the ideal average closing goal of 31 days.

The survey evaluated the impact of TRID onmore than 200 credit unions from 46 states. A small portion ofexecutives reported no delay in closing at 3.9%, while more thanhalf reported an additional five or more days were added to theirmortgage closing times.

The four main reasons for the closing delays included new lenderworkflows between the title company and members, as well as arefinement of procedural processes for 51.5% of respondents. Morethan 26% reported compliance as the primary reason for delays.