TILA-RESPA INTEGRATED DISCLOSURES Compliance
TRID - short for TILA-RESPA Integrated Disclosures - went into effect on October 3, 2015. It combines mortgage disclosures under the Truth In Lending Act (TILA) (Regulation Z) and the Real Estate Settlement Procedures Act (RESPA) (Regulation X). The combination was the result of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Why TRID With Us
TRID requires a detailed knowledge of disclosure requirements and tolerances. While some items are commonplace and well known and categorized, other items might be more esoteric and difficult to categorize. Do not leave your TRID Compliance to chance !
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Let us help you achieve TRID compliance in this highly scrutinized regulatory area. Please reach out today for a free consultation !
TILA-RESPA INTEGRATED DISCLOSURES Loan Estimate and Closing Disclosure
TRID disclosures are embodied in a Loan Estimate (LE) and Closing Disclosure (CD). The LE must be provided timely to the loan applicant shortly after a complete loan application is received. The CD must be provided to the loan applicant within a certain period of time prior to the set closing date for an approved application.
TILA-RESPA INTEGRATED DISCLOSURES LE and CD Tolerances
LE disclosures must be accurate within a range, depending on the category of item: (i) items for which the LE disclosure must be exact; (ii) items for which, in aggregate, a 10% tolerance is permitted; and (iii) items for which there is no limit for any change between the amount stated in the LE and the actual amount stated in the CD. TRID requires a detailed knowledge of disclosure items and the category into which each item fits.