9/21/2015 - TRID Compliance
What is TRID?
TRID is the Truth-in-Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule that is part of the Dodd-Frank Act. It combines four previous mortgage forms into two new disclosures. The Loan Estimate replaces the initial Truth-in-Lending (TIL) form and the Good Faith Estimate. The Closing Disclosure replaces the final TIL form and the HUD-1 Settlement Statement.
When does TRID go into effect?
All affected loans must use the disclosures as of the effective date of October 3, 2015.
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