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Manual: TRID (TILA-RESPA Integrated Disclosure)
As mortgage lenders, Fuller Center Covenant partners are required to follow the federal disclosure rule, TRID.
TRID stands for TILA-RESPA Integrated Disclosure, which is a rule that combines the disclosures required by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) for most types of mortgage loans.
TILA is a federal law that protects consumers from unfair or deceptive practices by lenders, such as hidden fees or misleading terms. RESPA is a federal law that requires lenders to provide information about the settlement costs and services involved in a mortgage transaction.
The TILA-RESPA Integrated Disclosure (TRID) rule requires two forms: the Loan Estimate and the Closing Disclosure. The Loan Estimate form is a three-page document that provides an estimate of the loan terms, projected payments, and closing costs. It must be provided to the borrower within three business days of receiving their loan application.
The Closing Disclosure form is a five-page document that provides the final loan terms, projected payments, and closing costs. It must be provided to the borrower at least three business days before closing.
You can find downloadable versions of the Loan Estimate and Closing Disclosure forms and samples on the Consumer Financial Protection Bureau’s website .
Issues surrounding TRID are evolving and the best way to keep up to date is through the CFPB and National Association of Realtors sites, particularly the FAQs (links below).
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