There is less than one week until TRID goes into effect. If this is news to you, that’s our first problem.
The new rules were originally set to go into effect on Aug. 1, eventually getting changed to Oct. 3.
The required loan documentation consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance.
These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing.
In light of the upcoming implementation day, HousingWire made this quiz to test how prepared you are for TRID.
The quiz repurposes a quiz that originally premiered in the July HousingWire Issue, “The awful truth about TRID.” So if you’re subscribed to the HW Magazine, you should have a solid head start on this.
We asked technology company Pavaso to break down the categories that will separate the truly compliant from the rest of the pack on judgment day. Compare your company’s progress against the criteria below to determine where you are today and what it will take to be fully prepared for the TRID deadline.
