West Lafayette/Lafayette Mtg.- what does TRID mean to you?

Mortgage and Lending 60874




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 with in Lafayette area will shine ,or fizzle.


So next month if your Lafayette Loan officer blames the delay on TRID-- Mr or Ms consumer and Lafayette Realtor-- know that it confirms your loan officer was not on top of their game with your Lafayette/West Lafayette purchase.  The finger needs to be now pointed at the loan officer on being on top of your loan and not just handing your Lafayette purchase over to their processor. 


TRID will separate your most experienced & proven Loan Officers from your novices-- that may not be a bad thing!


Call me -- Carrie Johnston/ Approved Mortgage-- 765-543-1823--Lafayette/West Lafayette-- I will show you what an Excellent stellar Loan officer is!


welcome home

Comments (7)

Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

What does TRID mean to me?  That is why Sharon and I are relying on the Greater Lafayette, IN area GO TO lender to help us know for sure what to expect.  There will be NO surprises when our clients use an expert and relentless lender like Carrie Johnston of Approved Mortgage in Lafayette, Indiana!!!

Oct 07, 2015 09:29 AM
Carrie Johnston
Lafayette, IN

Thank you Bruce! Bruce and Sharon Walters For also being "The Choice" of the Best Lafayette Indiana Realtor team!

Oct 07, 2015 10:10 AM
Roy Kelley
Retired - Gaithersburg, MD

This is important information to share. 

Best wishes for great success with your ActiveRain blogs.  I hope you will be commenting on my blogs.

Oct 08, 2015 12:20 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi Carrie, stopping by from Bruce's post and to welcome you to the Rain. I agree that "TRID will separate your most experienced & proven Loan Officers from your novices".

Oct 12, 2015 12:25 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

You are off to a good start here in the Rain.  Welcome Aboard.  Looking forward to reading your posts.

Oct 14, 2015 11:23 AM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

I love your take on this Carrie. Instead of bemoaning the change, I'm going to assume this will improve the lending business by weeding out the lazy riff raff. :) Now,  wish we had some way of identifying those real estate pros who pass the buck.  

Bruce introduced me to you, great guy. Welcome to the Rain. 

Nov 16, 2015 11:32 PM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Nov. 2017, two years after TRID implementation, here's my observation:

  • It holds loan officers accountable for their initial offering of terms and costs, which in turn helps reduce last-minute surprises to the buyer.
  • It adds 3 to 5 days or more to the closing process.
Nov 24, 2017 12:33 PM