• Home
    • Buyer Tips
    • Know Before You Owe | TRID: TILA-RESPA Integrated Disclosure rule

    Know Before You Owe | TRID: TILA-RESPA Integrated Disclosure rule


    The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.” Know Before You Owe helps everyone get past the industry jargon.

    Mortgages are complex and confusing. This new rule primarily does two things:

    1. It simplifies and consolidates some of the required loan disclosures, and
    2. It changes the timing of some activities in the mortgage process.

    Here is a guide from one of our trusted lending partners that highlights the changes in the mortgage process.

    TRID Rule Goes Into Effect on October 3, 2015

    TRID forms will be implemented, eliminating the Good Faith Estimate and Truth in Lending disclosure. Those two forms will be combined into a single Loan Estimate (LE), which must be given to consumers within three business days of applying for a loan. At the same time, the HUD-1 Settlement Statement and the final Truth in Lending disclosure will be replaced by the Closing Disclosure (CD) form.

    Additional Resources to learn more:
    Loan Estimate (LE) Explainer
    Closing Disclosure (CD) Explainer

    Bottom Line

    The process should be better for everyone involved, once TRID has become the new normal. Until then, lean on your Path & Post agent to help guide you through the new processes.

    Trackback from your site.

    Leave a Reply

    Reviews on Zillow
    "Everything went very smoothly and the outcome was exactly what I was looking for. My associate was prompt, proactive, and a good communicator. Would ... more "
    by memoran0
    "An absolute amazing experience every step of the way! Gave outstanding advice for both buying and selling and helped us out in every aspect of this ... more "
    by ambernicole242
    "Wow! Great team, with experts at every stage. They made it so easy! I enjoyed working with the Path and Post team, and would go back to them again!"
    by mikefinley5