(TRID) TILA-RESPA Integrated Disclosure
Breakdown on Tools the Consumer Financial
Protection Bureau Provides and TRID Facts
Navigate ‘Know Before You Owe’ (article)
Consumer Financial Protection Bureau
Releases New Toolkit for TRID
The new TRID ruling, “Know Before You Owe Mortgage Initiative,” goes into effect on October 3, 2015. The Consumer Financial Protection Bureau (CFPB) recently released an online toolkit to help real estate professionals understand the new TILA-RESPA Integrated Disclosure (TRID) rule and how to explain those changes to their clients.
Learn more by visiting the Consumer Financial Protection Bureau (CFPB) website.
CalBRE Licensee Advisory
How does the new TILA-RESPA Integrated Disclosure rule affect the Mortgage Loan Disclosure Statement (MLDS) under the Real Estate Law? Read the CalBRE advisory.
TRID Webinars from C.A.R. (Live and Pre-recorded)
Inman Reporter Amy Swinderman Gives
7 TRID Facts Every Real Estate Agent Should Know
7 TRID Facts That Every Real Estate Agent Should Know Right Now
1. Preapprovals and prequalifications are unchanged by the rule.
2. The application process begins with a Loan Estimate.
3. Your clients must indicate their intent to proceed.
4. Once your clients indicate their intent to proceed, lenders can charge fees.
5. A changed circumstance may mean a revised Loan Estimate or a revised Closing Disclosure
6. Your client must receive the Closing Disclosure at least three business days prior to closing.
7. Extra three-day review are unlikely.
Get the details on each of the 7 facts above – Read the entire article.
Michael Laurie of eSignLive Talks About Electronic Signatures and the New TRID
- An increasing number of lenders and brokers are turning to e-signature technology as a secure and compliant means to e-deliver disclosures while also making it easier to demonstrate compliance and improve customer experience.
- The reason e-signing is the best approach is that the TRID rule now requires that the consumer must have received the Loan Estimate form and must indicate their intent to proceed with a transaction before the lender can charge any fee to process the application.
- Although the intent can be communicated verbally, through email or by a signature, it must be documented by the lender.