Tom Saporito Realtor
Tom Saporito
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New TRID rules go into effect October 3, 2015

TRID stands for TILA RESPA Integrated Disclosure. TRID is a new rule that goes into effect October 3, 2015. The goal of this new regulation is to standardize the way lenders will disclose fees and deliver home loan information in a consistent manor. The concept here is to make it easier for borrowers to compared loan products and assist them to a more informed decision.  Mandatory disclosure deadlines are now in place. Changes to a real estate purchase contract may now trigger disclosure periods which could impact the settlement plan. Any changes to a contractual agreement should be more carefully considered from a time point of view.

TRID an acronym of acronyms:  

  • TILA stands for Truth In Lending Act
  • RESPA stands for Real Estate Settlement Procedures Act
  • Integrated Disclosures are an important of this new law and these deadlines must be followed. Lenders have a duty to provide disclosures on loan figures and the borrows must acknowledge promptly for settlements to stay on track.

Even more acronyms this year:

  • TIP stand for Total Interest Paid –TIP is requirement, and expressed as a percentage of the accumulated interest cost total over the life of the loan. In other words, it is the sum of all interest paid over time assuming the loan goes to full term. Again this is meant to make it easier for consumers to compare.
  • LE or Loan Estimate- The new LE format is mandatory, and demonstrates clear and accurate loan fees. Now borrowers must confirm receipt of the LE, and have ten days to consider it. Lenders will be locked to these fees listed following borrower examination period.
  • CD replaces the old HUD-1. CD stands for Closing Disclosure and it will appear similar to the LE. The new CD must be provided three days prior to settlement. Any changes to the Closing Disclosure will create another three day waiting period.

My goal is to help make the process of home ownership positive and help you with lenders who understand the new procedures, and guide you to a smooth and timely settlement.


Posted on October 9, 2015 at 11:19 am by Tom Saporito

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