TRID (TILA-RESPA Integrated Disclosures) has been making waves across the mortgage industry for months. In anticipation of its October 3 implementation, let’s run through a brief overview of the rule.
TRID is meant to provide clear language that will make it easier for consumers to locate key information. It is one of many new regulations aiming to make the industry more consumer friendly.
Some Keys To TRID Include:
- Good Faith Estimate and initial Truth-in-Lending Disclosure to be combined into the Loan Estimate
- HUD-1/1A and final Truth-in-Lending to be combined into the Closing Disclosure.
- Closing Disclosure must be provided three days before closing
- Increased lender liability
These regulations will require more than a simple form or software update – they signify serious changes in store for the mortgage closing industry.
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