The Mortgage Bankers Association (MBA) has released a new TILA RESPA Integrated Disclosure (TRID) Resource Guide designed to assist lenders in complying with the TRID rule by Aug. 1, 2015.
TRID, issued by the Consumer Financial Protection Bureau, has combined the mortgage disclosure regimes established by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into one single rule.
Specifically, the TRID Resource Guide covers the new loan estimate and closing disclosure in detail, outlines top issues with the rule, and provides model policies and procedures along with checklists for implementation and working with technology providers.
‘TRID is 1,888 pages in length and affects every business functioning in the single-family mortgage market,’ says Jeffrey Schummer, the MBA's vice president of education development. ‘Compliance with this new rule requires major systems and operational changes. As such, MBA's TRID Resource Guide will help companies to ensure compliance by the August 1st deadline.’
The TRID Resource Guide is written by two of the industry's top compliance experts: Richard Andreano Jr., a partner at Ballard Spahr LLP, and Richard B. Horn, a partner at Dentons.