TRID

Question 1

TRID

Answer 1

TILA RESPA Integrated Disclosure rule

Question 2

What is the purpose of TRID?

Answer 2

Inform consumers about features, risks, and costs of the mortgage loan they were applying for

Question 3

What disclosures are under TRID?

Answer 3

LE (GFE + TIL)

CD (Combined HUD-1 + TIL)

Question 4

What does TRID does not apply to?

Answer 4

HELOC, HECM, Chattel Loan

Question 5

What is the LE rule for TRID?

Answer 5

3-7-3

Question 6

What is a change of circumstance?

Answer 6

1. Change of circumstance: Low appraisal, Information provided by the borrower changes
2. If the rate was not locked and it changes or we lock it in after a LE was already provided
3. Consumer requests revisions
4. Consumer indicated their intent to proceed more than 10 business days after the original LE was sent
5. If the APR changes (increases) by 1/8th of one percent (0.125%) or more on a regular fixed loan
6. If the APR changes (increases) by 1/4th of one percent (0.25%) or more on an ARM
7. Delays caused by the consumer

Question 7

How much can the APR change on a fixed loan to be considered a change of circumstance?

Answer 7

If the APR changes (increases) by 1/8th of one percent (0.125%) or more on a regular fixed loan

Question 8

How much can the APR change on an ARM loan to be considered a change of circumstance?

Answer 8

If the APR changes (increases) by 1/4th of one percent (0.25%) or more on an ARM

Question 9

When is the latest a revised LE be sent out?

Answer 9

4 days before closing

Question 10

Services the borrower CANNOT shop for?

Answer 10

Attorney, Appraisal, Credit Report