Sean Cahan AKA the Mortgage geek and Chris Brooks AKA the Squid are licensed loan officers with Cornerstone Mortgage Group and they are here to help you learn to swim through the loan process on your own!
On this episode, The Mortgage Geek goes over The Tila-Respa Integrated Disclosures better known as the TRID timeline to help you better understand how long it takes to close on your home. What is the 3 day rule you ask? Let the geek help you understand.
These Best Practices are industry trade guidance and are not to be interpreted as legal advice or regulatory mandates. This document is being published for the benefit of our membership and their associates. The adoption of these recommendations does not relieve entities or individuals from being compliant with TRID.
The Colorado Inter-Industry TRID Task Force (CIITTF) seeks to guide its members on best practices to help assure Colorado consumers receive the quality service they are due. This document is published to support the alignment of new requirements under the TILA-RESPA Integrated Disclosures Rule (TRID) across these industries. The goal is to minimize the impact of these broad disclosure and process changes to our members and to make the changes as seamless as possible to our consumers, while satisfying regulatory and statutory requirements established by the Consumer Financial Protection Bureau (the CFPB or the Bureau) under this Rule.
The lender must maintain communication with the settlement agent to ensure the Closing Disclosure and its delivery satisfy the requirements described above and the creditor is legally responsible for any errors or defects.
If the Closing Disclosure is delivered by mail, email, courier, or fax a delivery period of three business days precedes the waiting period. The delivery period does begin on the day the Closing Disclosure is sent. It does not start the next business day.
(Visit our 2013 Mortgage Rules page for compliance resources on the mortgage rules that became effective in January 2014.)
The CFPB continues to implement changes to its mortgage rules, including 2016 changes to mortgage servicing rules and last year’s TILA/RESPA Integrated Disclosures (TRID). Below you will find the latest resources on the 2016 changes and recent compliance deadlines for these amended rules, including final rule summaries, insightful blog posts, articles and webcasts.