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TRID, explained

In October 2015, the real estate industry had a new rule to deal with. The anticipation for the new Consumer Financial Protection Bureau's (CFPB'S) TILA-RESPA Integrated Disclosures rule, or TRID, was weighty, and nobody knew what to expect. Would the CFPB delay implementation? (Yes, as it turned out.) Would the new rules cause closing delays? (Jury's still out.) Where did TRID come from, why was it necessary, what is its purpose and how effective has it been? Read everything you ever wanted to know about TRID. What is the TRID/Know Before You Owe rule? The rule’s formal name as proposed by the CFPB is the TILA-RESPA Integrated Disclosure rule. Although the industries affected by the rule quickly adopted the acronym “TRID,” the CFPB has since stated that it prefers to call the rule the “Know Before You Owe mortgage initiative.” Whatever you choose to call it, the rule is “designed to empower consumers with the information they need to make informed mortgage choices,...