LoanStar TRID Calendar: Milestone Forecast Tool
On October 3rd, 2015 the Consumer Financial Protection Bureau implemented new disclosure requirements in the mortgage lending process, commonly known today as "TRID". These changes are part of the CFPB’s "Know Before You Owe" initiative and are designed to help consumers understand the terms of their home financing transaction. The biggest changes are the replacement of the Good Faith Estimate, Truth in Lending disclosure, and the HUD1 Settlement Statement. These disclosures have been replaced with the Loan Estimate (LE) and Closing Disclosure (CD). In addition to the new disclosures there have been changes to the timing in which these disclosures must be delivered to the consumer. These disclosure process changes may prolong the time to close on a mortgage loan, but are designed to ensure the consumer has a full understanding of all the terms associated before closing a mortgage.
The “TRID Calendar” is a tool to help consumers, Realtors® and referral partners forecast when key milestones will take place during the mortgage process and how that affects the time to close a mortgage in today’s regulatory environment.
If you have any questions or concerns, please contact your LoanStar mortgage professional for more information.
Learn More About TRID