The Dodd-Frank Act required the CFPB to revamp disclosures consumers receive when applying for and closing on a mortgage loan under the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (RESPA). The TILA-RESPA Integrated Disclosures (TRID) rule was effective on October 3, 2015. The TRID rule most notably resulted in new mortgage disclosures – the Loan Estimate and the Closing Disclosure – as well as new coverage, timing, good faith analysis, and notice requirements.
The rule has been amended several times including the “TRID 2.0” amendments that were mandatory effective on October 1, 2018. “TRID 2.0” mainly provided guidance for construction loans, simultaneous subordinate lien loans, and good faith and revised disclosures. The biggest change associated with “TRID 2.0” is what we call the “Good Faith” Effect – check out our blog for a plain English explanation!
External TRID Resources:
- Truth in Lending (Regulation Z): https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=25d9a9f6d7288ccf109d4f659e176354&mc=true&n=pt12.9.1026&r=PART&ty=HTML
- TILA-RESPA Integrated Disclosures: https://www.consumerfinance.gov/policy-compliance/guidance/tila-respa-disclosure-rule/
- Final Rules
- Executive Summaries
- Compliance Guides
- CFPB Webinars
- Examination Manuals
BCC TRID Resources: