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Politics & MoneyMortgage

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TRID is coming, you better be ready

The Mortgage Bankers Association launched a set of resource guidelines to educate consumers, lenders and their business partners about the new Know Before You Owe or TILA RESPA Integrated Disclosure regulations from the Consumer Financial Protection Bureau that will go into effect on Oct. 3, 2015.

These new, complex regulations will require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed. It is the intent of these resources to help educate consumers, industry partners and service providers, and to speed the process of these transactions.

“MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process,” said MBA President and CEO David Stevens. “Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules.”

The required loan documentation consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance.

These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing. 

The resources are comprised of several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language.

They include:

  • Consumer One-Pager – Targeted for consumers and covering the changes of Know Before You Owe;
     
  • Lender One-Pager – Targeted for real estate agents and broker partners, also covering the changes brought by Know Before You Owe;
     
  • PowerPoint Slide Deck – Targeted for real estate agents and broker partners to use in presentations with colleagues.

To view and download any of these documents from MBA’s website, click here.

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