They also updated their TRID FAQs to address seller-paid costs, calculating total of payment and signature requirements.
Are your current procedures in line with this guidance? Do you know how it will affect your team?
Join Banker’s Compliance Consulting for TRID Hot Spots, a two-hour compliance webinar, this Thursday. Our team will guide you through the TRID trouble spots and give you the latest guidance, in plain English! Register today!
The more and more we train on TRID the more we realize that there is a lot of misunderstanding and/or misconceptions surrounding the “good faith” requirement and unlimited tolerances. Good faith means you’ve done your due diligence and the fee estimates on disclosures are based on the best information reasonably available at the time the disclosure is provided. So, what effect does “good faith” have on unlimited tolerances?
Click on the video to listen to Jerod explain more.
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Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!