The Mortgage Bankers Association released a resource guide to help lenders conquer the upcoming TILA-RESPA Integrated Disclosure rules that they have to comply with by Aug. 1.
“TRID is 1,888 pages in length and affects every business functioning in the single-family mortgage market,” said Jeffrey Schummer, MBA’s vice president of education development. “Compliance with this new rule requires major systems and operational changes. As such, MBA’s TRID Resource Guide will help companies to ensure compliance by the August 1st deadline.”
The Consumer Financial Protection Bureau issued the rule and combined the mortgage disclosure regimes established by the Truth In Lending Act and the Real Estate Settlement Procedures Act into one single rule.
The guide covers the new Loan Estimate and Closing Disclosure in detail, outlines top issues with the rule and provides a set of model policies and procedures along with checklists for implementation and working with technology providers.
The TRID Resource Guide is written by two of the industry’s top compliance experts, Richard Andreano, a partner at Ballard Spahr, and Richard Horn, a partner at Dentons, the MBA said.