By Severie Orngard
This is a hot topic in the world of real estate right now: "TRID".
TRID - TILA-RESPA Integrated Disclosure.
The Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) disclosures and regulations were combined to create TRID and were put into effect on October 3rd, 2015. TRID has been put into place in order to improve the loan disclosures made to consumers. A few major changes that this will create: closing documents will be easier for the consumer to understand, TRID will create tolerance limitations for lenders, and will enforce a 3 day waiting period before closing.
For more information, click this link to go to the National Association of Realtors website: http://www.realtor.org/topics/trid-tila-respa-integrated-disclosure
This is a hot topic in the world of real estate right now: "TRID".
TRID - TILA-RESPA Integrated Disclosure.
The Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) disclosures and regulations were combined to create TRID and were put into effect on October 3rd, 2015. TRID has been put into place in order to improve the loan disclosures made to consumers. A few major changes that this will create: closing documents will be easier for the consumer to understand, TRID will create tolerance limitations for lenders, and will enforce a 3 day waiting period before closing.
For more information, click this link to go to the National Association of Realtors website: http://www.realtor.org/topics/trid-tila-respa-integrated-disclosure
TRID - TILA-RESPA Integrated Disclosure