Are you ready for the new TILA-RESPA Integrated Disclosure (TRID) rule, effective August 1, 2015?
Don’t expect sympathy from the Consumer Financial Protection Bureau (CFPB) if you are behind in preparing for the sea change in the mortgage transaction process. The CFPB’s view is that title insurance and closing agents, mortgage brokers, realtors and others in the industry have had close to two years to prepare.
The aim of the TRID rule is to streamline the use and language of the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) forms that lenders have provided consumers applying for mortgage loans for more than three decades.
In a nutshell, the new Rule integrates the Good Faith Estimate (GFE) and initial TILA disclosure into one form and combines the HUD-1 and final TILA disclosure into another form. However, details of the Rule cover 1,800 pages, so it is far from simple.
A statement from the American Land Title Association reminds us, “The regulation eliminates line numbering that has been used on the HUD-1 for decades, changes how fees must be listed and formatted, and has new requirements for when the disclosures must be provided to consumers.”
Complying with the TRIAD rule will require changes not only to internal operations and procedures, but also the technology platforms all settlement parties use – a daunting task for many, but not real estate attorneys, title companies and closing agents who use Easy HUD.
Easy Soft to the Rescue
Easy Soft’s real estate closing software is one of the rare programs that will be compliant with the TRID rule. If you aren’t using Easy HUD yet, get a 30-day free trial today. Purchase a software license now and you will get the new TRIAD compliant version free of charge and you’ll be all set for the Rule’s August 1 effective date.