Coming October 3, 2015 – Trid – Consumer Financial Protection Bureau
It’s recommended that we add an additional 2 weeks on all closings starting October 3, 2015 since this law is so new in order to allow time for lenders and consumers to implement the new time frames for disclosure.
Effective October 3, 2015 TRID goes into effect. TRID stands for the Tila Respa Inegrated Disclosure. The required loan documentation consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance. These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing.