TILA-RESPA Integrated Disclosure (TRID) rule and forms

Major Changes

Changes may impact you! Particularly those with a real estate lending arm.

Effective October 3, 2015.

1) The Good Faith Estimate (GFE) and the initial Truth-in-Lending disclosure (initial TIL) have been combined into a new form, the Loan Estimate. It must be provided to consumers no later than the third business day after they submit a loan application.


2) The HUD-1 and final Truth-in-Lending disclosure (final TIL and, together with the initial TIL, the Truth-in-Lending forms) have been combined into another new form, the Closing Disclosure. This form must be provided to consumers at least three business days before consummation of the loan.


3) Both the Loan Estimate and the Closing Disclosure are designed to provide disclosures which would help consumers understand all of the key features, risks of the mortgage loan, and the costs of the transaction.


4) The forms are intended to streamline the loan application process and make it easier for consumers to locate key information, such as interest rate, monthly payments, and costs to close the loan. The forms also provide additional information to help consumers decide whether they can afford the loan, and to compare the cost of different loan offers.


The final rule applies to most closed-end consumer mortgages. It does not apply to home equity lines of credit (HELOCs), reverse mortgages, or mortgages secured by a mobile home or by a dwelling that is not attached to real property (i.e., land). The final rule also does not apply to loans made by persons who are not considered “creditors”.


The TILA-RESPA rule is effective October 3, 2015. Please go to consumerfinance.gov for more info or Click Here to download your TILA-RESPA Integrated Disclosure rule - Small entity compliance guide issued by Consumer Financial Protection Bureau.

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