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Here’s some good information provided by the CFPB to help lenders to better understand the TRID rule requirements and answer some questions about the disclosures. Access to an index of the questions addressed by the CFPB during webinars presented may be found on their website. (Index)
This index will provide you a guide and links to where you can listen to responses given by CFPB to the questions addressed during their “Know Before You Owe” webinars. This is some really good stuff.
Just about everything you need to know about the TRID rule and CFPB’s guidance can be found on their website under Compliance/Guidance. (TRID Info) It’s well worth a look.
In addition to a copy of the complete rule, you’ll find information about:
- Completion of the required Loan Estimate and Closing Disclosure;
- A Plain Language guide to TRID;
- Listing of videos addressing various TRID topics and guidance;
- Construction Lending; and
- Post effective date questions and guidance.
In addition, you’ll find a
- Construction loan disclosure fact sheet,
- A Closing fact sheet;
- Specifics on Disclosure timelines; and
- Supervision and exam material.
This is a veritable one stop shop for all your “Know Before You Owe” (TRID) questions and answers. This is a place where you can probably find the majority of the answers to your lingering questions and concerns about TRID compliance.
Get some piece of mind and with it, a much better understanding of the background information and intent of CFPB’s “Know Before You Owe” initiative. Be in a better position to educate yourself, your staff and most all…your customers.
Stay compliant my friends.
