It’s time to really take it seriously. The TRID storm is coming, what are you doing to get ready?

On March 3rd, CFPB Director Richard Cordray told the House Committee on Financial Services that “People will have had close to two years to get ready for this. Nobody should be surprised by this.”

Do you know what rules are affecting your real estate transactions?

Rule Summary Effective Date
Integrated Mortgage Disclosures Simplifies RESPA & TILA disclosure forms by integrating:

GFE/Preliminary TIL = Loan Estimate

Final TIL/HUD-1 = Closing Disclosure

August 1, 2015
Ability to Repay/Qualified Mortgage (QM) Requires lenders to ensure borrowers have ability to repay their mortgage. January 10, 2014
2013 HOEPA Rule High-cost mortgage and homeownership counseling amendments to TILA and RESPA January 10, 2014
Loan Originator Compensation Prohibits steering incentives, dual compensation and levels playing field for qualification andscreening standards January 10, 2014
ECOA Valuations Disclosure and delivery requirements for copies of appraisals and other written valuations under the Equal Credit Opportunity Act (Reg B) January 18, 2014
TILA Higher Price Mortgage Loan Appraisals Increases requirements and disclosures of appraisalpurpose; requires copy of appraisal to consumer January 18, 2014
Escrows under TILA (Reg Z) Requires certain lenders to collect monthly escrows (impounds) for five years for some “higher-priced” mortgage loans June 1, 2013
TILA and RESPA Servicing (Two rules) Protects consumers from detrimental actions by mortgage servicers and provides consumers with better tools, information and protections for consumers facing foreclosure January 10, 2014
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