We’re ALL (Amazing Loan Ladies) about simplifying the complicated and taking care of the details!
TRID stands for TILA/RESPA Integrated Disclosure Rule
TILA = Truth in Lending Act
RESPA = Real Estate Settlement Procedure Act
TRID is CFPB’s requirement to simplify all of this.
CFPB = the Consumer Finance Protection Bureau, the new agency overseeing the mortgage industry these days.
TRID is designed to provide the consumer with more reliable information at the beginning of the mortgage process all the way through to the consummationThe moment a borrower becomes legally bound to a loan, generally when it's funded at closing. More of the transaction. This is good news! In fact, most reliable lenders have already been doing this so it’s no big change to us!
For mortgage applications submitted on or after August 1, 2015, lenders must give you new, easier-to-use disclosures about your loan three business days before closingClosing is the meeting — typically in person — where all parties sign the final loan and property paperwork and the transaction becomes official. It’s the last step in the process, the point where months of paperwork, verification, and waiting turn into... More. This gives you time to review the terms of the deal before you get to the closingClosing is the meeting — typically in person — where all parties sign the final loan and property paperwork and the transaction becomes official. It’s the last step in the process, the point where months of paperwork, verification, and waiting turn into... More table.
If you need a home loan, pick up the phone and call 603-225-LOAN! We’re ALL (Amazing Loan Ladies) about doing it right!