New TRID Rules

Check out this video for the new TRID rules starting in August of 2015.  The changes are summarized below.
TRID stands for TILA RESPA Integrated Disclosure, and that mouthful is about a big change to our disclosure forms.

The bullets below summarize the changes.  You should be able to descibe how each of the items below if you understand the new changes.  

 

  • These changes will be effective August 1st, 2015.

  • The changes will affect RESPA and Closing Disclosure Timing

  • They will affect the forms used for:

    • RESPA Disclosures

    • Change of Circumstances

    • Closing Disclosures

  • Changes the definition of an Application

  • Changes allowed Tolerances