Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

West Lafayette/Lafayette Mtg.- what does TRID mean to you?
 
TRID
 
First, what is TRID? -- it is an acronym that stands for TILA and RESPA Integrated Disclosure Rule.
 
(Now don't get too bored)
 
TILA - stands for Truth-in-lending Act.  This regulates all consumer lending not just mortgage- i.e. credit cards and gives the consumer the information of the actual "Cost" for borrowing and fees through the term of the loan- APR.  The initial TIL is required on Lafayette and West Lafayette  mortgages within 3 days of application.
 
RESPA- stands for Real Estate Settlement Procedure Act. This law regulates residential real estate transactions and requires the disclosure of the GFE - showing the closing costs and the HUD-1 shows the final closing settlement statement.
 
TRID replaces both of these forms- TIL and the GFE- now called the Loan Estimate at the application and the HUD-1and final TILA with final figures are now replaced by the Closing disclosure or "CD"
The goal of the government was to make the process simpler for the consumer.
 
Timing and detail is EVERYTHING with TRID
The CD- must be provided to the consumer three business days before the Lafayette mortgage closing can take place.  This means all fees for all transactions numbers must be finalized well before closing-- this is where the competence of the Loan officer you are working ... more

__________________________________________________
Are you on The Rain? Grow Your Network!