Some important changes affecting the real estate industry, consumers, and the mortgage industry in particular will go into effect for loan applications dated August 1, 2015 and beyond. It is called TRID and stands for TILA RESPA INTEGRATED DISCLOSURES. This major regulatory change will mandate industry-wide changes to disclosures and closing documents.
The forms impacted by TRID include combining the GFE and TIL into one disclosure called the Loan Estimate (“LE”), and combining the final TIL and HUD into one disclosure called the Closing Disclosure (“CD”). However #TRID is more than simply new forms. Check out the video seen at Sacramento based Scott Papapietro, www.bigvalleymortgage.com.
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