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It’s the day before ‘the day the world changed’ — are you ready for TRID?

CFPB’s TILA-RESPA Integrated Disclosures rule takes effect Oct. 3, ushering in sweeping changes to mortgage closing process
  • The Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure rule formally takes effect on Saturday, Oct. 3.
  • Any loan applications taken Oct. 3 and beyond must follow the 1,800 pages of regulations that the CFPB issued in November 2013.
  • Lenders must monitor all parties to the transaction to verify that everyone is compliant, and if they’re not, the lender is on the hook to the bureau.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

A day nearly two years in the making is finally here: The Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure rule -- which has come to be known as “TRID,” but the bureau prefers that people begin to think of it as the “Know Before You Owe” rule -- formally takes effect on Saturday, Oct. 3. Any loan applications taken Oct. 3 and beyond must follow the 1,800 pages of regulations that the CFPB issued in November 2013. Say goodbye to the HUD-1 settlement statement, Good Faith Estimate and Truth in Lending Act disclosure, and hello to two new forms, each of which must be delivered to the borrower under specific, prescribed timelines: A Loan Estimate form that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application A Closing Disclosure form that must be provided to the consumer at least three business days prior to consummation But TRID is much more than a simple change in fo...