TRID “Good Faith” Effect 2.0

Confused about the “Good Faith” Effect?

This tool puts it in Plain English.

 

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Download Tool Here

 

As you are probably well aware, TRID 2.0 blew up the changed circumstance world when it comes to revised Loan Estimates and Closing Disclosures.  Are you struggling with the “Good Faith” Effect it created that took effect on October 1st?  If so, we want to help!

 

TRID 2.0 requires that any revised disclosure (used to reset tolerances and/or for informational purposes) you provide…must be based on the best information reasonably available to you at the time it is provided.  For example, say you issue a revised disclosure to reflect a higher loan amount.  If there are other charges, unrelated to the loan amount increase, that have also changed, they must be reflected on the revised disclosure.  However, the changes in the other charges, unrelated to the loan amount change, may not be used to determine either the 0% or 10% tolerance.

 

We’ve created a tool that will help guide you through and understand this difficult concept.  Check out the video as Jerod Moyer explains this in more detail and walks you through the tool step by step.

 

Register to get your free tool now!

Download Tool Here

 

Published
2018/12/06
Jerod Moyer

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