TRID represents a regulatory change that impacted the mortgage industry in 2015.  The most significant adjustment was the introduction of 2 new forms, the elimination of 3 long standing forms as well as the introduction of a government mandated timeline that mortgage lenders must adhere to.

The goal was that TRID would provide clarity and congruence to the home loan process.  TRID approached this goal by creating new documents, changing the flow of the home loan process and holding lenders liable to meet these new rules.

What was Added

1. Loan Estimate opens in a new windowSampleopens PDF file
2. Closing Disclosure opens in a new windowSampleopens PDF file

What was Eliminated

1. Good Faith Estimate
2. Truth in Lending Form
3. Settlement Statement

Purpose of the NEW Loan Estimate & Closing Disclosure

The GFE, TIL and Settlement Statement were dissimilar in format.  This led to consumer confusion when trying to match data between each of these documents.

Now, the Loan Estimateopens PDF file and Closing Disclosureopens PDF file  mirror each other in terms of formatting.  Consumer, from first time homebuyers to seasoned investors can now easily compare their initial loan offer with their final loan terms.

TRID’s New Timing Rules

TRID also focused on mandating specific time frames that mortgage lenders must follow throughout the home loan process.  TRID requires that mortgage lenders provide specific documents throughout the process within defined time periods.

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