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! 

So you want to know how to complete the loan estimate. You want to complete the closing disclosure. You want to know about shopping. You want to know about revised loan estimates and revised closing disclosures tolerances, tolerance cures and everything else that goes with TRID. Oh yeah, and you want it all in one place?

TRID: from A to Z

Hi there, this is Jared Moyer with Banker’s Compliance Consulting. We can do just that for you. We’ve got a product that we’ve put together that’s called TRID: from A to Z. It’s a three-part webinar series that we cover in two hour segments. We take you through things like the TRID good-faith standard, which is something that applies at various stages of TRID, not just a single stage.

You can’t just take the loan estimate webinar we provide and learn all about good faith. You can learn about the good faith standard as it applies to just the loan estimate. We’ve got a free-standing closing disclosure webinar where you can learn about it at that stage too, but if you want to know about everything all in one place, this is the product for you.

That good faith standard. What’s it all about?

Well, you see TRID says that when you issue a document like a loan estimate or a revised loan estimate or a closing disclosure or revised closing disclosure, the information that’s contained within has to be based on the best information available. That’s the good faith standard.

The requirement goes further and states that the lender has to take and do reasonable diligence to arrive at that good faith standard. Well at Banker’s Compliance Consulting, if you haven’t heard it before, We try to talk into plain English and that due diligence standard is called doing your homework. That’s the plain English take on it, which means you have to have a method to your madness as to how you arrive at those numbers. If they’re estimates and if we’re talking about actual charges, you have to do the work necessary to obtain those actual charges.

Good-Faith Applies At All Stages

And again, that good-faith standard applies at various different stages of the TRID process. It’s not just at the loan estimate or just at the closing disclosure or just with revised disclosures. This program is going to allow you to take it in at all of those various stages and connect the dots within. Now we’re not just going to talk good faith standard. We’re going to talk about all of the elements of trade during this three-part webinar. Again, each one of them is two hours along the way.

We’d love to have you get your team registered and join us as we take that journey on TRID: from A to Z. I hope to see you there

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

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