TRID Resources

TRID is an acronym: The T stands for “Truth-in-Lending Act”; the “R” stands for “Real Estate Settlement Procedures Act” and the “I” and “D” stands for “Integrated Disclosure” 

TRID is simply a new real estate rule that is designed to make it easier for consumers to see the real costs of getting a home loan and allow home buyers to shop for additional services, such as title, survey fees and pest inspection fees.

The biggest changes include new disclosure forms and a new mandatory timeline. TRID rules go into effect for new loans that begin on Sat. Oct. 3, 2015.

(NOTE: the original deadline was August 1, 2015, but was extended by the Consumer Financial Protection Bureau, the Federal agency responsible for TRID).

 

 

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