By Dean Hartman
On October 3, 2015, as a result of the mandates imposed by Dodd-Frank, TRID (TILA RESPA Integration Disclosure) went into effect. On that fateful Monday, much of the “how the real estate finance business is done” changed. This piece is intended to give you some of the highlights. It is, in no way, everything, but instead, a solid starting point.
1) First, the current GFE (Good Faith Estimate), TIL (Truth-In-Lending) and Servicing Disclosures are being scrapped and replaced by the new LE (Loan Estimate). The new form is simpler and more logical than its predecessors. Some highlights about the new form are:
2) Second, the HUD-1 Settlement Statement, Final TIL and Itemization of Amount Financed disclosures are being replaced by the CD (Closing Disclosure).
With the new forms comes some new workflow considerations and timelines, best demonstrated by an example:
With TRID, comes a few more items of note:
Dean Hartman is a 30+ year veteran of the mortgage industry. As a Business Development Manager at Cliffco Mortgage, he can be reached at dhartman@cliffcomortgage.com or via cell at 516-528-9008.