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 |
