New closing rules will take effect tomorrow, October 3rd.
The TILA-RESPA Integrated Disclosure (TRID) was created to provide consumers with more transparency and understanding during the home buying process, and to promote compliance with existing TILA and RESPA laws.
Essentially, 4 mortgage forms will be trimmed down to 2. The RESPA Good Faith Estimate and Initial Truth-In Lending disclosure have been combined to create the Loan Estimate form, and the RESPA HUD-1 and the Final Truth-In Lending Disclosure now comprise the Closing Disclosure.
REALTOR® Magazine recorded a live webcast to discuss the TILA-RESPA Integrated Disclosure (TRID) and how it impacts business for real estate professionals. Knowledge is power. Be informed.