Fixing Trid Errors: What an Institution Can Do To Correct Mistakes – ON-DEMAND WEBINARS

Date Recorded: January 27, 2022

Presenter: Anetria Cohen, Vice President and Senior Consultant, FORVIS

A two-hour webinar on the rule’s requirements, how we can get things wrong, and whether we can do anything about it.

Although financial institutions may be accustomed to the Truth-in-Lending/RESPA Integrated Disclosures (TRID) requirements, we still have lapses in our procedures or the information that we disclose on the forms. Unfortunately, someone is going to make a mistake at some point. We can fail to provide a disclosure on time, and we can fail to provide correct disclosures.

However, just as we can violate the rules, there are situations when information can change as we go through the application process. The rules contemplate us providing disclosures that are estimates. That this information changes from what we previously disclosed may be perfectly fine – that is, there is no violation. This is just as important to know.

This webinar will review the basic Loan Estimate and Closing Disclosure rules and what are, and are not, violations of the rules. We’ll discuss the potential consequences to violations and whether we can do anything about it.

HERE IS WHAT YOU WILL LEARN:

This webinar will review the following topics:

• What happens if we don’t provide the disclosures on time
• Correcting incorrect disclosures
  • When and how we can fix them
  • Changed circumstances and tolerance violations
• Changes to the Closing Disclosure before and after closing