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TRID is Here
Unless you've been under a rock, you know that we passed a huge milestone on October 3, 2015.  Yep, the TILA-RESPA Integrated Disclosure rules have arrived.  And it's changing life in Real Estate as we know it.
TRID stands for:
T - TILA:  Truth in Lending Act
(Designed to protect borrowers by ensuring that they are aware of the terms and costs of credit so they can act knowledgeably when it comes to a mortgage loan.)
R - RESPA: Real Estate Settlement Procedures Act
(Requires mortgage lenders to provide simple yet complete amounts of info to help aspiring home owners make smart financial decisions.)
I - INTEGRATED
D - DISCLOSURE
But what does this change mean for us?
First, it means we no longer have HUD closing forms.  Now we have a Closing Disclosure form prepared by (Hang onto your underwear here folks) the lender.  GASP?  Can they do that?  Can we trust them?  Won't they cheat?  
Not unless they have a MILLION DOLLARS to pay the cheating fine.  Yep, that's up to $1,000,000.00 in fines that can be levied against any lender who knowingly cheats.  For example, if they suppress information from a borrower, they can be fined.  And if the lender gets dragged in by the Real Estate Police for not ... more

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