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The TILA-RESPA integrated disclosure rules (TRID) have been effective for over four years, but that does not mean they are easy. The TRID rules are both detailed and vague, simple and complicated — all at the same time. Institutions continue to have questions and issues with the process, the forms and compliance with them.
The Loan Estimate is intended to give the consumer information regarding the projected terms and costs of the transaction, information important to the consumer in order to allow them to shop for loans. The Closing Disclosure explains the exact terms of the transaction, so that consumers know precisely what they will have to pay and why. These rules have been revised several times with clarifications and more confusion causing institutions to continue to grapple with complying with the TRID rules.
This manual is designed to provide insight into the who, what, where, when, how and why in complying with TRID, including any recent changes and clarifications.
The comprehensive manual serves as a detailed analysis of the TRID rules, including the amendments, and serves as a valuable reference tool.
- Overview of the TRID Rules
- Timing and eSign issues
- Discuss Completing the forms
- Date Issued
- Loan Term, Purpose and Product
- Disclosing ARMS and Balloon loans
- Estimated Taxes, Insurance and Assessments
- Disclosing excrow waiver fees
- Disclosing prepaids and escrows
- What really goes into Block H – Other
- AP/AIP tables – when to use which and how to complete
- Completing the CD’s Summaries of Transaction, including Adjustments/Credits
- Liability after foreclosure
- Determining Estimates of Closing Costs Good Faith Requirement
- Resetting the tolerances
- When does a fee generally not subject to a tolerance become subject to a tolerance
- What really are “incidental” title fees
- Tolerances for the Total of Payments
- Resolving Clerical Errors and Refunds Related to the Good Faith Analysis
- Principal Reductions for Tolerance Cures
- Calculating Cash to Close Table
- Key issues with construction loan disclosures
- Examiner findings, hot buttons, expectations
- And much more!