TRID a Bigger Burden on Smaller Lenders


Posted To: MND NewsWire

Fannie Mae continues to dribble out findings from its Q1 Mortgage Lender Sentiment Survey®. The latest installment is an entry on the company’s FM Commentary blog on its survey’s responses about experiences with TRID. TRID, the Consumer Financial Protection Bureau’s (CFPB’s) TILA-RESPA Integrated Disclosure (TRID) rule which went into effect for loans initiated last October, replaced the old Good Faith Estimate and HUD-1 with a Loan Estimate for with broader and deeper details on the loan, and a Closing Disclosure with final itemized costs and fees. Most important, the rule contains strict timelines governing any discrepancies between the two disclosures, thus causing some lenders to revamp disclosure and closing processes. The Lender Sentiment Survey was conducted among senior mortgage…(read more)

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