TRID Compliance: Facing the Challenges

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Consumer Mortgage Lending has experienced tremendous changes over the last near 50 years. As mandated by the DoddFrank Act, completely new mortgage disclosure rules and integrated mortgage disclosure forms for the Loan Estimate and the Closing Disclosure (the TRID disclosures) were implemented in 2015 providing a new regulatory landscape.
The CFPB continues to amend the TRID rules, particularly to clarify issues and address questions that institutions have raised. Although these clarifications were effective October 10, 2017, compliance became mandatory for transactions for which a creditor received an application on or after October 1, 2018. In addition to these October revisions, the CFPB issued a final rule, effective June 1, 2018, to resolve the “Black Hole” concern – this amendment allows creditors to reset tolerance fees, subject to a valid changed circumstance, on a Closing Disclosure or corrected Closing Disclosure without being subject to “less than four business days” prior to consummation.
In addition to requiring new disclosure forms designed to be easier for consumers to understand and use when contemplating a mortgage loan, the new rules give consumers more protections and, as a result, place more responsibility on lenders. This manual has been designed to help as you comply with the new Integrated Mortgage Disclosures, including 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.


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