TRID - Opportunity is on the Horizon

On October 3, 2015 the TILA-RESPA Integrated Disclosure (TRID) went into effect. It is commonly known as the “Know Before You Owe” rule. TRID is mandated by the Consumer Financial Protection Bureau (CFPB,) and is designed to ensure that all mortgage lenders’ disclosures are clear, correct, and easy for buyers to understand. TRID brings two new forms: The Loan Estimate (LE) and the Closing Disclosure (CD). The Loan Estimate replaces the Good Faith Estimate and initial Truth-in-Lending Disclosure. The Closing Disclosure will combine the HUD-1 and the Final Truth-in-Lending Disclosures. The LE and CD are designed to work together.

While many anticipate TRID will slightly change the loan process as we know it today, many lenders, including Mountain West Financial, have been making preparations to ensure our policies and procedures meet the expectations set by the CFPB and are as simple and efficient as possible to ensure timeframes are not impacted. So what does this mean for you as a realtor? The process for your clients will be more transparent. The primary objective of TRID is to help homebuyers understand the cost of their loan before and during the home loan process. We look forward to working with our borrowers, realtors, and other affiliates to make the transition seamless and continue our mission of making homeownership a reality!

For further explanation, and details, please visit the Consumer Financial Protection Bureau website here.

 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.