Here’s how TRID will impact real estate transactions

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Certain types of loans that (prior to this new rule) were subject to TILA but not RESPA are subject to the TILA-RESPA rule’s integrated disclosure requirements, including: construction-only loans and loans secured by vacant land or by 25 or more acres. Credit extended to certain trusts for tax or estate planning purposes also are covered.

There are two new forms created by TRID which are the: Loan Estimate (Replaces the good faith estimate, Initial Truth in Lending, and the Servicing Transfer Notice) Closing Disclosure (Replaces the HUD, Final Truth in Lending, and Itemization of Amount Financed).

These disclosures had overlapping information and inconsistent language that consumers found to be confusing. In 2015, the Consumer Financial Protection Bureau (CFPB) integrated the mortgage loan disclosures under TILA and RESPA, currently known as the TILA-RESPA Integrated Disclosure rule (TRID).

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How CFPB’s Amendment to TRID Affects Your Business. Information sharing with parties to the transaction: The new rule makes it clear that the borrower’s Closing Disclosure may be shared with other parties to the transaction (i.e. the real estate agent and the seller.) This codifies long-established practice in many States,

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UPDATE: CFPB Rule Allows Sharing of TRID Closing Disclosure. also prompted some state regulators to address the impact of TRID on real estate license law matters such as recordkeeping and transaction closing statement requirements.. prior to implementation of TRID, real estate agents.

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