What is TRID?

Let’s break it down into real language

What does TRID stand for?  TRID is the TILA / RESPA Integrated Disclosure Rule.  Only in the mortgage world would we make an acronym out of acronyms… so let’s break this down a little further.  TILA is the Truth in Lending Act and RESPA is the Real Estate Settlement Procedures Act.  The CFPB modified both rules in its TRID final ruling.

TRID 3 Day Disclosure Rule:

Image result for Trid 3 day disclosure rule

Above is the infamous TRID Time Line Disclosure Guidelines.  They outline the time limits that lenders have to disclosure  documents to you.

What Is The TRID 3 Day Rule?

On October 3, 2015, the Know Before You Owe mortgage rule went into effect. One of the important requirements of the rule means that you’ll receive your new, easier-to-use closing document, the Closing Disclosure, three business days before closing.

 

As always if you have further questions you can contact me directly or by the information below.

Thank you!

 

 

 

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 Justin Scott

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Executive Mortgage

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Green Bay WI 54301