When you close in escrow, you use the new TRID procedurres.
Read about it here.
Field Guide to the TILA-RESPA Integrated Disclosure Rule (TRID)
(Updated March 2017)
On November 20, 2013, the U.S. Consumer Financial Protection Bureau (CFPB) issued a final rule to integrate disclosures and regulations required by RESPA and the Truth in Lending Act (TILA). The final rule, called TILA-RESPA Integrated Disclosure (TRID), integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, aid in comparison shopping, and help to prevent surprises at the closing table. When the rule and changes go into effect, REALTORS® and their clients will encounter new forms and procedures at the closing table. The new TRID forms were to be implemented on August 1, 2015. However, on July 21, 2015, after calls from NAR and other industry groups, CFPB officially announced that the effective date of the implementation of the rule was delayed until October 3, 2015.
This Field Guide features resources to help real estate professionals and consumers understand the upcoming TILA-RESPA changes. (A. Siudzinski, Senior Library Information Specialist)
For general information and resources on RESPA, visit the Field Guide to the Real Estate Settlement Procedures Act (RESPA).
E – EBSCO articles available for NAR members only. Password can be found on the EBSCO Access Information page.
RESPA-TILA Harmonization Topic Page, (National Association of REALTORS®). Resources to help understand and prepare for the integrated Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations.
TILA-RESPA Integrated Disclosure rule implementation (link is external), (U.S. Consumer Financial Protection Bureau). Compliance guides, disclosure timeline, factsheets, forms, videos, and other resources to help comply with and prepare for the TRID rule.
TILA-RESPA Integrated Disclosure: Guide to the Loan Estimate and Closing Disclosure forms (link is external), (U.S. Consumer Financial Protection Bureau).
Know Before You Owe: The Real Estate Professional’s Guide (link is external), (U.S. Consumer Financial Protection Bureau).
TRID: REALTORS and the New Closing Process Survey, (National Association of REALTORS®, Research, Aug. 2015).
TRID Background & Updates
Survey: Despite TRID, closing hiccups persist, (REALTOR® Magazine Daily Real Estate News, Feb. 17, 2017).
The future of TRID hangs in the balance amid Trump regulatory actions (link is external), (Housing Wire, Jan. 30, 2017).
TRID: A Year Later, (National Association of REALTORS®, Oct. 2016).
Beware hidden process changes in CFPB’s new disclosure rule (link is external), (Mortgage Banking, Mar. 2015). E
CFPB finalizes amendments to TILA-RESPA Integrated Mortgage Disclosure (TRID) rule (link is external), (National Mortgage Professional Magazine, Feb. 2015).
Understand the Aug. 1 changes to HUD-1, closing process, (Speaking of Real Estate, Feb. 17, 2015).
‘Know before you owe’ delays minimal so far, say REALTORS®, (National Association of REALTORS® News Release, Nov. 13, 2015).
Here’s how TRID is changing the mortgage industry (link is external), (HousingWire, Oct. 12, 2015).
New rules on home closings go into effect on Monday. Here’s what you need to know (link is external), (Washington Post, Sept. 30, 2015).