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The TRID Effect: One Year Later

2024-10-09T15:04:34-04:00November 14th, 2016|

A little more than a year ago, the controversial TILA-RESPA Integrated Disclosure rule, or TRID, went into effect. According to a study done by The National Association of Realtors, the impact has been mixed. Take a look at the following infographic to learn more. In response to issues associated with TRID, the CFPB has issued proposed changes to help clarify and streamline the process. Visit https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-proposes-updates-know-you-owe-mortgage-disclosure-rule/ for more information regarding these proposed changes. Click image for full infographic.  

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CFPB proposed updates to TRID: What you need to know

2024-10-09T15:05:07-04:00August 4th, 2016|

The Consumer Financial Protection Bureau (CFPB), has proposed changes to the Know Before You Owe mortgage disclosure rule that went into effect on October 3, 2015. The proposed updates are intended to clarify parts of the mortgage disclosure rule to make for a smoother implementation process. Also known as TRID, the Know Before You Owe disclosure rule created two streamlined disclosure forms: The Loan Estimate and the Closing Disclosure. The Loan Estimate is provided by the lender within 3 business days of the loan application. The Closing Disclosure contains the actual terms and costs of the transaction and must be provided [...]

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