What were the primary disclosure forms prior to October 3 2015?

As the applications received prior to October 3, 2015 are consummated, withdrawn, or cancelled, the use of the GFE, HUD-1, and Truth-in-Lending forms will no longer be used for most mortgage loans.

What form did the CFPB do away with in October of 2015?

Effective October 3, 2015, for most kinds of mortgage loans a form called the Loan Estimate replaced the initial Truth-in-Lending disclosure, and a Closing Disclosure replaced the final Truth-in-Lending disclosure.

What are the Trid rules?

The TRID Rule integrated mortgage loan disclosures required by TILA and RESPA and other disclosures required by Congress into two disclosure forms, the “Loan Estimate” and the “Closing Disclosure.” The TRID Rule generally requires that both a Loan Estimate and Closing Disclosure be provided for most closed-end consumer …

When do the new Trid rules go into effect?

Those same modifications are the big push behind new TILA-RESPA Integrated Disclosure (TRID) changes scheduled to take effect on Saturday, October 3, 2015 instead of the August 1 date to “better accommodate the interests of the many consumers and providers.”

When did the CFPB implement The TRID rule?

TRID – The TILA-RESPA Integrated Disclosure Rule As of October 3rd, 2015, the CFPB integrated the (TILA) Truth in Lending Act (Regulation Z) and (RESPA) Real Estate Settlement Procedures Act (Regulation X) disclosures.

Is there a 3 day waiting period for Trid?

The three-day mandatory waiting period has generated much discussion. Lenders will have the additional responsibility of providing buyers all anticipated charges with the Closing Disclosure statement – a minimum of three days prior to Loan Consummation.

What does Trid stand for in Closing Disclosure?

The Final TIL and the HUD-1 Settlement Statement were integrated creating the new closing disclosure. TRID stands for TILA-RESPA Integrated Disclosure rule. This new rule integrating RESPA and TILA replacing the HUD-1 disclosure and Good Faith Estimate (GFE) with a new more comprehensive closing disclosure and loan estimate.