What does TRID mean for you?
What was originally supposed to be effective August 1, 2015 and has now been pushed back to October 3, 2015 the CFPB will be enforcing new changes in the mortgage industry. The CFPB will be introducing the ‘TILA-RESPA Integrated Disclosure” or TRID.
At the time of application lenders have been required to provide documents including the Good Faith Estimate (GFE) and the Truth-In-Lending (TIL) disclosure. The CFPB will be merging these two documents to create the Loan Estimate (LE).
At the time of closing lenders are required to provide the HUD-1 Settlement Statement and the final TIL. The CFPB will be merging these two documents to form the Closing Disclosure.
How does this effect Real Estate Agents? The closing disclosure has a 3 day waiting period, this is new for the industry. Please click here for a flyer sampling the new timeline.
Contact your VIP loan officer for more content and information about TRID.