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

    TRIDphoto

    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.
    TRIDpic

    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.

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