The Consumer Financial Protection Bureau (CFPB) is scheduled to usher in a new era in the residential mortgage industry on October 3, 2015 with a new regulatory framework known as TRID (TILA-RESPA Integrated Disclosure).
Even though we are about a little over a month away from the new rules, many remain uncertain. To assist, we have compiled simplified information about the new regulations and how they may affect your relocation policies and transferring employees.
Overview of the Changes
The Truth-In-Lending Disclosure and the Good Faith Estimate are being replaced by one document – the Loan Estimate.
The HUD-1 will be replaced by the Closing Disclosure (CD).
Timing requirements will be different:
The new Loan Estimate must be delivered by the third business day after the loan application.
The CD must be delivered to the homebuyer at least three business days prior to closing.
For more information about the changes to RESPA/TILA click here to go to our blog