October 1, 2015
TILA-RESPA Integrated Disclosure
The Consumer Financial Protection Bureau (CFPB) issued a new rule known as the TILA-RESPA Integrated Disclosure (TRID) that began on October 3rd. It will mostly affect the buyers in a real estate transaction. The Good Faith Estimate and HUD-1 will be replaced with the Loan Estimate and Closing Disclosure. The lender will provide a loan estimate to the consumer within 3 days of receipt of loan application. All changes must be made in a timely matter and be communicated with the lender. The Closing Disclosure is to be provided to the buyer 3 business days prior to closing. Disclosure timelines must be met in order to close on time. Due to the adjustment for mortgage and title companies, more lead-time will be required for closing. For more information, visit the link below.