What are the changes?

Whether you are a homebuyer, real estate agent or mortgage loan originator, you should be aware that for loan applications taken on or after October 3rd, 2015 (original date of August 1, 2015), there will be big changes in disclosure documents and settlement procedures for home mortgage loans.

The Good Faith Estimate and the HUD-1 settlement statement will go away on most closed-end consumer purpose loans secured by residential real estate. These documents will be replaced by the “Loan Estimate” and the “Closing Disclosure.” These new documents are referred to as the TILA-RESPA Integrated Disclosures (TRID for short).

The purpose of these changes is to improve the mortgage loan settlement process for consumers. They are being implemented by regulations issued by the Consumer Financial Protection Bureau (CFPB), a federal government agency set up to look out for the interests of consumers seeking financial services. To learn more, please use the resources found on this page, or visit the CFPB’s website for very helpful information and further details on the new settlement process changes.

View NFM’s Video to Learn More


Video posted on 9/28/2015



Video posted on 4/15/2015


Take a Closer Look at the New Disclosures

Loan Estimate
Closing Disclosure

Three Day Closing Disclosure Chart

Three Day Closing Disclosure Chart