Under TRID, lenders need to make sure they disclose their fees within 3 days of receipt of the loan application. For the lender’s fees and charges and those for which the borrower cannot shop there is a zero tolerance at the closing table. That means that the fees disclosed on the new Loan Estimate must be the same fee charged…
Well, it’s finally here. Like it or not, TRID is born and for new loan applications taken, as of Saturday (10/3), lenders are required to follow the new rules. Mortgage lending may never be the same. Everybody sing and everybody dance… For the past 18 months, lenders have been primping and prepping to be ready for the roll out of…
With the TRID rules effective date just around the corner, the industry is pushing Congress hard for legislation to impose an enforcement moratorium. Lenders are concerned that honest mistakes/errors may take place as the result of the complexity of the new rules, the massive programming changes required for compliance, the exactness of the new forms and remaining uncertainty over implementation…
As it should be with everything we do, it is important to start at the beginning. Sometimes we get so wrapped up in what’s happening or going to happen, we jump in without looking where we leap. This can be dangerous. With all the concentration on the upcoming TRID changes and the two new TRID forms, it’s important to be…
The NFL football season finally got into full swing on Sunday with a slate of games nationwide. There was drama, intrigue, excitement and fun for all (except if your team lost). For the most part, it was a typical fall Sunday afternoon (although it’s not quite Fall, yet). There were great games, upsets, controversy and big plays, with one major…
Heard that one before and it usually means trouble. This time it could be true. CFPB has launched a site to provide Realtors with information about the new TRID disclosures, their use and benefits to the consumer (Know Before You Owe). The information is intended to educate Realtors on what has changed, what information a lender needs to provide a…
