Christine & Ed Schaefer Call or Text: (520) 668-5037 Email Us

Video Blogs

What Is TRID?

Posted July 21, 2015

In October of this year the Good Faith Estimate (GFE), the Truth in Lending Disclosure (TIL), and the Real Estate Settlement Statement -HUD-1 (RESPA) used in residential mortgages will be replaced by the new Loan Estimate and Closing Disclosure established by the Consumer Financial Protection Bureau. Combine the acronyms TILA + RESPA + Integrated Disclosure to come up with “TRID”. The TRID Rule applies only to mortgage loan transactions that are subject to the disclosure requirements of the Truth in Lending Act and/or Real Estate Settlement Procedure Act. Cash sales are not subject to either, hence don’t have to use the new disclosures. This is also the case for Reverse Mortgages, HELOC & commercial loans.

Copyright © 2011-2021 Christine M Schaefer P.C. All Rights Reserved. Site Map