The CFPB issued a Final Rule in July 2017 that updated TRID with some substantive changes in areas where specific implementation challenges were identified. The Final Rule formally implements CFPB guidance on topics such as shopping, good faith, calculating cash to close, construction loans, seller credits, disclosing property taxes and property value, revised loan estimates and much more.
Although mandatory compliance date is October 1, 2018, you can and may want to begin implementing some of the changes now. Other changes will need to wait until your software is updated.
Be sure to join us for our “TRID: Completing the Loan Estimate” webinar on January 18, 2018. We will walk you through the Loan Estimate line-by-line and will give you the information you need to know about the Final Rule changes in plain English!
While you’re at it you can also register for our “TRID: Completing the Closing Disclosure” webinar on January 25, 2018. Again, we will walk you through the Closing Disclosure line-by-line and will include applicable information from the Final Rule.
Still not sure what the tila-respa integrated disclosures rule is? Learn more about TRID compliance here.