TRID Training

MortgageDepot is committed to providing its customers with the highest level of customer service from the initial phone call until the loan closes and beyond, and we also want to set up a loan for you that is affordable for your budget and that meets all of your goals. While many efforts are taken our reputable mortgage team to maintain the highest level of ethics and to serve our customers with integrity, one of the main steps we take to ensure that we follow through, to minimize confusion and to comply with federal regulations is to issue the required TRID disclosures to our customers within the specified time frame as required by law. These disclosures, which are also now known as the TILA-RESPA integrated disclosures, are required to be provided to loan applicants within three business days of receiving specific information from the applicants. There have been some recent changes to the disclosures that loan applicants may want to be aware of.

What Are the Disclosures?
The TRID disclosures that are required by law are the new Loan Estimate and the Closing Disclosure. These are updated forms that consolidate those that were previously required. The new Loan Estimate includes the Truth-in-Lending disclosure and the Good Faith Estimate. The new Closing Disclosure includes the final Closing Disclosure and the HUD-1. There are very specific rules regarding what information should be included on these disclosures when they should be provided to applicants when the information on them is permitted to be revised and more.

How Applicants Can Use These Disclosures
As a loan applicant, the TRID disclosures can provide you with the information you need to make the final decision to proceed with the loan application. You can learn more about the specific triggers that must occur for the information on the initial disclosures provided to you to change. Our loan consultants can provide you with the information you need about these triggers, and this can give you the peace of mind to move forward. In some cases, you may not feel comfortable with the triggers, and you may want to provide more concrete information to your mortgage representative before moving forward. This can decrease the likelihood that the triggers will cause the figures on the disclosures to change dramatically.

What You Need to Do to Get the Initial Disclosures
When you contact us for assistance with your loan request, you will need to provide a few important pieces of information in order to get the initial disclosures. Regulations require the initial disclosures to be provided to applicants within three days after you have provided your name, your social security number, your income, the property address, the value of the property and the requested loan amount. With this information, your loan representative may review your credit report, calculate a debt-to-income ratio and take other steps to screen you for different loan programs that we offer. Our loan consultant can explain the different loan programs to you in detail so that you can make the best decision possible.

Whether you are applying for your first mortgage loan or you have walked through the mortgage process several times in the past, it is important to note that some of the rules regarding the disclosures have changed recently. The consolidation of different forms may create some confusion to some experienced borrowers. We strive to provide our clients with open, honest communication and to be accessible to answer questions as needed. If you have any questions about the disclosures when the information on them may change or details of your loan program, your representative will assist you.