Mortgage software provider Ellie Mae is publishing a free, comprehensive 16-chapter guide designed to help mortgage lenders understand and comply with the Consumer Financial Protection Bureau's new TILA-RESPA integrated disclosures (TRID) rules scheduled to take effect later this year.
The new set of rules requires the use of two new disclosure forms to help borrowers better understand the impact of getting a mortgage: The loan estimate disclosure, which replaces the current good faith estimate and the initial truth-in-lending disclosure; and a closing disclosure, which replaces the HUD-1 settlement statement and final truth-in-lending disclosure currently in use today.
In a release, Jonathan Corr, president and CEO of Ellie Mae, says the new rules ‘will impact almost everything lenders do. We hope that the FAQ we are publishing will shed light on the grayer areas of the new rule, so that everyone can better prepare.’
Written by Ellie Mae's compliance team, the FAQ will be continuously updated with new information regarding implementation. It includes critical information about when the new disclosures apply, which loans are excluded, and which loans are partially exempted, as well as important definitions and requirements involving the timing of disclosures.
The first four chapters, which include information on rule applicability, the definition of ‘application,’ and loan estimate can be found at www.elliemae.com/RT-FAQ.
Additional chapters will be added regularly.
For more, click here.