MortgageRegulations

5 things you need to know about TRID’s mortgage disclosure rule

The CFPB aims to make TRID implementation easier through webinar series
  • TRID has caused a ton of headaches for lenders, agents and consumers alike since its implementation on October 3, 2015.
  • The Consumer Financial Protection Bureau started a webinar series that breaks down TRID into understandable chunks, which they hope will make implementation easier.
  • The latest webinar answered questions about Loan Estimate and Closing Disclosure forms.

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Today, the Consumer Financial Protection Bureau hosted its latest webinar on the TILA-RESPA Integrated Disclosure process, which is better known as TRID. Since its implementation on October 3, 2015, TRID has caused many headaches for brokerages, agents, lenders and consumers alike as they navigate the new Loan Estimate and Closing Disclosure forms, and the three business day window for consumers to review those forms before moving ahead. In an attempt to alleviate frustrations and make implementation easier, the CFPB has hosted a number of webinars that cover a general overview of the rule, frequently asked questions, the loan estimate and closing disclosure forms, implementation challenges and construction lending. Their latest webinar focused on the interpretation and implementation of the rule's requirements, specifically pertaining to the nuances surrounding Loan Estimate and Closing Disclosure forms. Here's a snapshot of some of the agent-centric issues addr...