More on TRID Documentation

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Filed under: TRID

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We are going to talk again about TRID, the TILA/RESPA Integrated Disclosure, focusing on documentation and changes to documentation.

It is a huge deal in our business when the Truth in Lending Statement, the Good Faith Estimate, and HUD (Housing and Urban Development) are going away.

These are going to be replaced up front with the Loan Estimate Document and at the end to replace the Truth in Lending Statement and HUD will be the Loan Disclosure.

These two documents are, in theory, much easier to read, and I agree. They inform you about the costs you will incur when you take out a mortgage. Through these documents, you will have the information you need to make an informed decision.

There are copies of these documents at the CFPB (Consumer Financial Protection Bureau) website. You can just google “CFPB” and it will take you directly to the site. The information is all over its webpage so take a peek and analyze them. It will make it simpler for everybody to understand and it makes the numbers flow much better.

Another significant change with HUD is that the lender, in most cases, is going to be producing this instead of escrow. We are already working this into our processes to make it work.

These changes rolled out on October 3. We have been paying a lot of attention to this and we are already rolling it into our system.

Check out my video below and if you have any further questions, give me a call!

 

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