Industry Changes starting Oct 3-TRID

By
Mortgage and Lending with Academy Mortgage Corporation NMLS #229617

TRID is finally upon us! This is the biggest change to the mortgage lending industry since 2011. The changes to TILA (Truth-in-Lending Act) and RESPA (Real Estate Settlement Procedures Act) are being administered from the CFPB (Consumer Financial Protection Bureau). 

The revisions are introducing two new disclosures. The changes are to make it easier for the borrower to read and understand the cost of getting a mortgage. The new forms are Loan Estimate (LE) and Closing Disclosure (CD). 

The LE will replace the GFE and initial TIL. The CD wil replace the HUD-1 and final TIL. 

One of the biggest change that will affect Realtors and clients is that closing documents cannot be signed until 3/6 business days from delivery of the CD. 

Academy has been working on TRID changes over the last year and are fully prepared for these changes.

Please contact me to learn more about how these changes will affect home purchasing.  

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