Video

  • 16 minutes

TILA-RESPA Integrated Disclosure (TRID) Rule Basics

 
The Dodd-Frank Act directed CFPB to integrate the RESPA and TILA disclosures for mortgage loans. What’s covered by the new rule? Covered transactions are closed-end consumer credit transactions secured by real property. HELOCS are excluded as well as reverse mortgage loans, whether closed-end or open-end. The new disclosure requirements were generally effective for applications received by creditor or mortgage broker on or after October 3, 2015. Provisions regarding the following were effective October 3, 2015 regardless of application date: upfront fee restrictions; pre-application written estimates; upfront restrictions on requiring verifying information; and state law preemption.

In this 15-minute video our speaker, Richard J. Andreano, reviews the “TRID” rule (TILA RESPA Integrated Disclosure Rule) which the CFPB refers to as “Know Before You Owe” rule. He discusses two new forms – the loan estimate form, a three-page form that replaces initial TILA disclosure and good faith estimate; and the closing disclosure, a five-page form that replaces final TILA disclosure and HUD-1. Mr. Andreano also covers liability issues and regulator and secondary market approach.

Richard J. Andreano is a partner and practice leader of the mortgage banking group at Ballard Spahr LLP. He counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB supervision and examination, UDAAP and other Dodd-Frank matters.
Runtime: 16 minutes

Faculty

Richard J. Andreano

Richard J. Andreano

Ballard Spahr LLP