Become a Member
Find a Member
California MBA California MBA
  • About
    • About Us
    • Who We Are
    • COVID-19
    • CAMPAC
    • Contact Us
  • Events
  • Membership
    • About Membership
    • Advocacy
    • Education
      • Future Leaders Program
    • Committees
      • Conference Committees
      • Legal Issues Committee
      • Legislative Committee
      • Membership Committee
      • MQAC Committee
      • MTAM Committee
  • Blog
  • Career
  • My Account
Find a Member
Become a Member
California MBA

TRID

Home / TRID
30Oct

TRID Turns 5: What We’ve Learned About Successfully Managing Mortgage Origination Compliance

October 30, 2020 MetaSource Residential
MetaSource

Five years ago, big changes to federal requirements for the mortgage loan disclosure processes produced great anxiety in the lending world. Lenders feared they were facing an onslaught of complicated, new compliance demands that would inflate the cost and risks of every loan origination and leave them perpetually at risk of penalties.

The TILA- RESPA Integrated Disclosure (TRID) rules were instituted in late 2015 and administered by the Consumer Financial Protection Bureau. TRID consolidated four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms:

  • The Loan Estimate (LE) replaced the Good Faith Estimate (GFE) and initial Truth-in-Lending Disclosure, which are provided to consumers at the start of the transaction and include both initial disclosures and timing restrictions (must be provided within 3 business days from the date the application is received)
  • The Closing Disclosure (CD) replaced the HUD-1 Settlement Statement and final Truth-in-Lending Disclosure, providing consumers the required 3 days to review all final terms and conditions and seeking to prevent borrowers from signing documents under duress

Lenders’ anxiety around these new rules was based on the lack of clear guidance from the CFPB, the myriad interpretations by varying investors, and potential penalties associated with non-compliance.

Read more
Read more

2021 President’s Council

Insellerate_190x100
AmericanPacific_190x100
AmeriHome Mortgage – Web PNG
ArchiMI__190x100
GuildMortgage__190x100
QuickenLoans__190x100
PlazaHome__190x100
Loandepot__190x100
newamerican__190x100
parkside lending
westernalliance

View All Sponsors

CMBA_white_300x75@2x
(916) 446-7100
info@cmba.com

Office Hours

Mon-Fri

9:00 A.M. – 5:00 P.M.

Sat-Sun

Closed

Corporate Office

520 Capitol Mall

Suite 440

Sacramento, CA 95814

© 2020 California Mortgage Bankers Association

Privacy Policy | Terms Of Use | CAMPAC Donation