The TRID “Good Faith” Standard

TRID says that when you issue a document like a Loan Estimate, or a revised Loan Estimate, or a closing Disclosure, or a revised Closing Disclosure, the information that’s contained within has to be based on the best information available. That’s the good faith standard. 

Seems simple enough but it isn’t.

Listen to the video as Jerod explains more.

Be sure to join us for “TRID A to Z” beginning on October 31, 2019.  We’re going to talk about all of the elements of TRID during this three-part webinar series.

That’s six hours of TRID! 

We promise you won’t be “spooked” and will come away with an understanding of TRID like you never have before. 

Published
2019/10/28
Jerod Moyer

Want more tools for TRID? See our Free Lending Tools here – https://store.bankerscompliance.com/link/LendingFD

Build Your Understanding of TRID Construction Loans

If you are a lender and you make closed-end, multiple advance loans to construct a consumer’s home, you need to be aware of the TRID requirements and how they can impact the transaction.

Unfortunately, it’s not quite as straightforward as other types of closed-end consumer home loans.  And, on top of that, while Appendix D of Truth in Lending isn’t exactly new, it is a huge player in the construction loan game as well.

Listen to the video as Jerod explains.

If you’re looking for the latest, greatest information regarding construction loans, you’re in luck!  We’ve put together a two-hour webinar called, “TRID All About Construction Loans” where we are going to get into the nitty gritty details in plain English.

We will also provide some sample disclosures including a NEW Construction-Permanent (one closing) ARM disclosure.  We hope you join us on July 16th, you don’t want to miss this!

Register NOW!

Published
2019/07/09
Jerod Moyer

Want more to see all the TRID Free Tools? Go HERE!
Want to see the latest Blogs on TRID? Go HERE and scroll down.

Want more TRID training? Go HERE!

TRID for Beginners

What is an intent to proceed? Where does it go? How do I document it? Why do we even have to do it?

If you’re a seasoned TRID veteran, you very likely know the answers to those questions. It’s really not that complex, but if you’re brand new to TRID, something as simple as an intent to proceed can be a completely foreign concept and even cause some confusion.

 

Listen to the video as Jerod explains.

 

 

If you’ve got people on your team that are brand new to TRID compliance or will have people new to the consumer mortgage loan compliance game down the road, we hope you will join us for our “TRID for Beginners” webinar on July 11, 2019.

 

Register NOW!

 

Published
2019/07/03
Jerod Moyer

 

Want more to see all the TRID Free Tools? Go HERE!
Want to see the latest Blogs on TRID? Go HERE and scroll down.

Want more TRID training? Go HERE!

TRID: Construction Loan Escrow Payment

Question: 

On a construction-permanent loan (one closing), should the escrow payment be reflected in the first column of the Projected Payments Table?  

 

BSA Training and Banking Regulations Compliance Consulting AdobeStock 118898100 1 300x200 - TRID: Construction Loan Escrow Payment

Answer:

It depends.

When disclosed as a single transaction and the construction phase is less than a full year, the first column should reflect payments during the construction and permanent phases, as well as any escrow (and/or mortgage insurance) payment.

 

Join us for the TRID: All About Construction Loans Webinar on July 16, 2019. We will answer all the questions submitted during the live webinar, in writing.

 

Register NOW!

 

Published
2019/06/21

 

Want more TRID Free Tools? See them HERE.

Find out more about TRID Construction Loans HERE. (scroll to see all our blogs regarding construction loans)

TRID Sales Price: Multiple Properties

Question: What do you use for the Sale Price if the customer is taking out one loan to buy two different pieces of property that will both secure the loan?BSA Training and Banking Regulations Compliance Consulting AdobeStock 246236254 300x200 - TRID Sales Price: Multiple Properties

 

 

Answer:  All properties that secure the loan and are being purchased as part of the transaction should be included in the total Sale Price disclosed.

 

Join us for the TRID For Beginners Webinar on July 11, 2019. We will answer all the questions submitted during the live webinar, in writing.

Learn more about TRID Compliance here. 

 

Register NOW!

 

Published
2019/06/12

 

Want more on TRID see the latest blogs HERE!