TILA-RESPA Integrated Disclosures Rule known as TRID went into effect on Oct. 3, 2015. It establishes new disclosures and time lines for most mortgage applications received after this date. It is huge change on how most real esate loans will get done! All lenders, title companies and REALTORS have to learn how to work with the new disclosure deadlines.
The primary changes are:
Loan Estimate replaces the Initial Truth in Lending and Good Faith Estimate.
Closing Disclosure replaces the Final Truth in Lending and the HUD Settlement Statement
The changes are designed to better protect the consumer by insuring timeliness of information flowing between buyer / Realtor / Seller and most specifically, the Lender.
It is extremely critical with such impactful changes underway to work with both a lender and a REALTOR who understands and can meet the new deadlines.
CALL XTROV for any questions and for a referral to qualified lender(s) who understand how to make all the dates and deadlines work for you.