WASHINGTON (10/2/15)--The Truth-in-Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule goes into effect tomorrow, bringing with it a number of compliance questions for mortgage participants. While the goal of the rule is to simplify the process for borrowers, mortgage lenders have been working since the rule was finalized in November 2013 to get into compliance. (See related story: Lawmakers ask CUNA, partners to inform of TRID enforcement.)
The rule establishes two new forms, the Loan Estimate and Closing Disclosure, which are meant to allow consumers to easily understand costs of various mortgages.
CUNA has put together a number of resources on the rule, including:
CUNA President/CEO Jim Nussle is requesting credit unions contact CUNA with stories regarding their efforts to comply with TRID, including information on how it adds to the regulatory burden already facing credit unions.
CUNA has been advocating for more information regarding how financial institutions will be examined for TRID compliance, particularly in the days and weeks following the effective date.
For more information on those efforts, see “Lawmakers ask CUNA, partners to inform of TRID enforcement actions” in today’s News Now.