The new TILA-RESPA Integrated Disclosure (TRID) went into effect on Oct. 3, 2015. It’s two months later, and real estate professionals, as well as many buyers, have given the acronym a new meaning: TRID stands for “the reason I drink.”
- Seemingly, the lenders who are generating the Closing Disclosures (CDs) are struggling with the process as several agents have heard reports of data entry issues.
- Agents can no longer make last-minute changes or repairs under TRID without issuing a new CD and thereby restarting the clock.
- Most lenders will require an inspection of all repairs prior to closing and possibly before issuing a CD.
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