Fra Noi Embrace Your Inner Italian
Starting on Oct. 3, the Consumer Financial Protection Bureau is implementing new Tila-Respa Integrated Disclosure requirements, known in the industry as TRID. “So what’s a TRID?” you may ask. It represents the integration and rescheduling of an assortment of current mortgage documents in an effort to make things easier for consumers to understand while giving them an earlier account of what funds will be needed at closing. TRID requires that a “loan estimate” (terms, rates, costs, and payments disclosure) be sent directly from the lender’s or broker’s disclosure department to the costumer within three business days of the application …
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