TILA-RESPA Integrated Closing Disclosures Archives

The new TILA-RESPA Integrated Disclosures (TRID) will take effect on October 3, 2015. As this date approaches, you may have heard a few terms and phrases you haven’t heard before. Whether you’ve been through the home purchase process many times before, or you’re preparing to buy your first home, it’s important to familiarize yourself with these terms and to understand what they mean for you, the consumer.

TILA-RESPA
TILA refers to the Truth in Lending Act. This law requires mortgage companies and other lending institutions to disclose all costs and fees associated with a borrower’s transaction. RESPA stands for Real Estate Settlement Procedures Act. This law requires lenders, loan servicers, and brokers to provide borrowers with disclosures regarding the costs associated with real estate settlements. RESPA also prohibits anti-competitive practices that can inflate the costs of real estate transactions, such as kickbacks.

TRID
TRID stands for TILA-RESPA Integrated Closing Disclosures. TRID is a new Rule which applies to most residential mortgage transactions, that combines the Good Faith Estimate, the Truth-in-Lending statement, and the HUD-1 into two new forms: the Loan Estimate and the Closing Disclosure. Therefore, TRID is the integration of the TILA and RESPA disclosures.

Loan Estimate
A Loan Estimate (LE) is a form that the consumer receives within three days of applying for a mortgage. It details everything you need to know about the loan you have applied for, including the estimated interest rate, monthly payment, closing costs, and any other fees. It will also inform you of any special features in the loan, such as a prepayment penalty.

Closing Disclosure
A Closing Disclosure (CD) is a form the consumer receives at least three days before closing on a residential mortgage. This form includes loan terms, projected monthly payments, and what closing costs will be involved. The three-day window allows you to compare these terms and costs to the ones estimated in your LE, and to ask your lender any questions you may have about your loan before closing.

Creditor
The Creditor in a mortgage transaction is your mortgage lender. This is the financial institution supplying the funds for the loan, and instituting the terms and conditions of the loan.

Consumer
The Consumer in a mortgage transaction is the borrower, or the person(s) taking out the loan.

Consummation
Consummation is the date on which the consumer becomes contractually obligated to the creditor on the loan.

Knowing the terminology involved in loan transactions that start after the TRID deadline will help you be better prepared and avoid delays in your loan closing. For more information about TRID, and about what NFM Lending is doing to prepare for TRID, click here. If you are ready to purchase a home, click here to contact one of our licensed mortgage Loan Originators today to get started!

LINTHICUM, MD, September 10, 2015 — LaTasha Rowe, General Counsel at NFM Lending, will speak on the TILA-RESPA Integrated Closing Disclosures (TRID) at the Maryland Land Title Association (MLTA) 2015 Fall Convention in Ocean City, Maryland, on Saturday, September 12, 2015.

Ms. Rowe is speaking at the convention in order to prepare and educate attendees on the implications of the new TRID rules.

“As we count down to the October 3, 2015 effective date for TRID, this conference could not be more timely.” said Rowe. “It is important to emphasize that a title company’s role is not diminished. They are still an integral part of the closing process as lenders will work more collaboratively with the settlement agent on obtaining closing costs earlier in the process. I look forward to speaking with the MLTA attendees on their preparation for TRID as well as relaying NFM’s expectations of our title partners.”

This year’s MLTA convention will feature continuing education, break-out sessions, and exhibits by various compliance vendors. The event is aimed at helping title professionals be better prepared for TRID.

The deadline for implementation of the TRID rule is October 3, 2015. NFM Lending will continue to prepare for the implementation of TRID, in addition to educating their employees and clients about these important industry changes.

About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 29 states across the United States. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to their customers and their community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.”

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