TILA-RESPA (TRID) Rule

Established October 3, 2015
1. Before and TIL disclosure and the Good Faith Estimate was required
  1. Now the Loan Estimate combined both disclosures into one
    1. Must be delivered 3 business days after lender recieves application and no later then 7 days prior to consummation
      1. Creditor can not collect any fees for loan processesing until applicant shows intent to proceed.
        Loan estimate is comprised of Date Issued, Sale Price, Purpose, Product, and Loan Type
    2. The aggregate amount of closing costs and recording fees does not exced the amounts disclosed on the loan estimate by more then 10%
      1. The fees for third-party services are not paid to the creditor or an affiliate of the creditor
        The creditor permits the consumer to shop for settlement services
        For third party services there is a zero tolerance for varience between the estimate and actual charge
    3. Revised Loan Estimate is premitted
      1. Chaged Circumstances(ex. aggregate amount of estimated charges to increase by more then 10%)
        Change in Eligibility
        Consumer requested revisions
        Delays caused by the consumer
        The applicant waits more then 10 days to proceed with the Loan application
        Delays related to construction loans
        If the creditor reasonably expects settlement to be more than 60 days after providing loan estimate
      2. Disclosure must be provided within 3 business days of change and not later than 4 business days before consummation
Similiarly there was the TIL and Closing and HUD1 settlement statement, the closing disclosure combines both
1. Estimated Closing Cost
  1. Loan Cost
    1. Origination Charges, Services you cannot shop for, services you can shop for, total loan cost
      1. Other Cost
        Taxes and other government fees, prepaids, initial escrow payment at closing, other, total other costs, total closing cost
  2. Estimated Cost to Close
    1. Total closing costs, closing costs financed, down payment/funds from borrower, deposit, funds for borrower, seller credits, adjustments and other credits, and estimated cash to close
  3. Must be recieved no later then 3 business days prior to consummation
    1. Consumers may wait and aditional 3 business days if there is a change in APR, Loan Product, or addition of a prepayment penalty
      1. Any refunds of excess must be paid within 60 days of comsummation
Does not apply to reverse mortgages, HELOCS's, and mortgage's secured by a mobile home

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