Consumer Finance Protection Bureau chose for implementation of TRID, the TILA-RESPA Integrated Disclosure, one integrated disclosure document that will replace the GFE, TILA and HUD1 statements. These three documents have governed how we conduct real estate sales with mortgage lending for a considerable time. With the change, real estate brokers, mortgage lenders and borrowers will all be on the same page, so to speak, for the first time.
Our real estate world has been in preparation for this change for some time especially since the CFPB actually postponed the implementation date so everyone would have time to prepare and be ready for the big day. Real estate brokerages, mortgage companies and title companies have offered classes, held fora and discussions. Some of us are waiting with with great anticipation; others with trepidation. We are all excited because these changes relate to home ownership and home ownership matters.
A friend in the mortgage industry shared three presentations with me. They clarify points and stress that there should be nothing to fear in the implementation of TRID. Cornerstone Lending videos help explain procedures and timing. Home ownership matters!