As mentioned, now that TRID is in effect we are requesting 21 day escrow periods instead of our usual 14 day escrow periods. We are working to move back to 14 day closings as soon as possible.
TRID, however, is not affecting contingency periods. We are still 8 days for loans and appraisals. We can move even faster if necessary.
Please note that JVM offers extremely fast appraisal turn-times b/c we pay for appraisals up front out of our own pockets, and we pay “rush fees” as well. We do not charge the borrower at all if the transaction does not close for any reason.
But even our appraisal policy is currently under review by our compliance attorney and may have to change. We hope not of course, as it is one of our biggest competitive edges.