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TRID Compliance Training

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What Is TRID? What Do The TRID Regulations Govern?

TRID guidelines are designed to help borrowers understand the terms costs associated with of their loan more clearly before closing.

TRID regulations govern the mortgage process and dictate what information lenders are required to provide to borrowers - as well as when they are required to provide it. TRID also regulates how much lenders can charge mortgage borrowers and how these fees can change over the course of the mortgage process.

TRID stands for TILA-RESPA Integrated Disclosure rule. TRID rules integrated the RESPA and TILA rules by replacing the HUD-1 disclosure and Good Faith Estimate (GFE) with a Loan Estimate and a new, more comprehensive Closing Disclosure Form to come up with the new TRID guidelines.

About The Loan Estimate

The Loan Estimate outlines the key terms of the mortgage, including interest rate, closing costs, and mortgage features.

The Loan Estimate is intended to help borrowers compare lender proposals and decide if they want to move forward with the mortgage process. It must be provided by the lender to the borrower at the beginning of the mortgage process and within three business days of the borrower submitting a mortgage application to the lender.

About The Closing Disclosure

The Closing Disclosure is provided by the lender to the borrower at the end of the mortgage process.

It includes the final terms of the mortgage, including interest rate and closing costs. The lender is required to provide the Closing Disclosure to the borrower in-person or by email or mail at least three days before the mortgage closes.

What Do The TRID Rules Require?

Under the TRID rules, an application consists of the submission of the following:
  • The consumer's name, income, and Social Security number
  • The property address
  • An estimate of the value of the property
  • The mortgage loan amount sought

TRID Compliance Training Courses

TRID, short for TILA-RESPA Integrated Disclosure Rules, requirements continue to evolve, and dealing with revised disclosures has become one of the major challenges of TRID compliance.

Anyone in the institution having responsibilities in the consumer mortgage environment, including loan officers, processors, clerks, and closing agents, can benefit from our TRID training courses!

TRID Regulations Training Course Learning Objectives

Our TRID compliance training courses will help you and your team to better understand the TRID rules, regulations, and guidelines. Below are just a few of the areas you will learn abuot from our TRID compliance training courses:
  • What?s the TRID loan purpose, and what does it mean?
  • Sales Price vs. Property Value
  • Rate Lock Guidance
  • Projected Payment Section Clarifications
  • Itemizing Charges the Consumer Will Pay vs. Will Not Pay
  • Prepaid Misconceptions
  • Cash to Close in Plain English
  • The timing and delivery requirements of the Loan Estimate and the Closing Disclosure
  • When a revised Loan Estimate may be issued; including situations such as changed circumstances, borrower requests, and expiration of terms
  • When a revised Loan Estimate should be issued
  • The timing and content rules for a revised Loan Estimate and for a revised Closing Disclosure
  • When estimates are considered to be "in good faith" and the applicable tolerances
  • The circumstances under which a revised disclosure resets the allowed tolerance
  • Changes before consummation that do or do not require a new waiting period
  • Whether a changed circumstance can occur after delivery of the Closing Disclosure
  • Rules regarding changes due to events occurring after consummation
  • When refunds are required and how to make and disclose the refund
  • Changes before closing - is a new waiting period required?
  • Documentation requirements for revisions
  • Pre-disclosure requirements
  • Handling Date Issued vs. Date of Receipt Discrepancies
  • Tolerances and Good Faith Analysis
  • How mishandling revised disclosures may result in UDAP/UDAAP violations

Find Training Courses For TRID Rules, Regulations, And Guidelines

To find your desired TRID compliance training courses, either select a Recommended Course from the list below, or select "TRID" and your state from the "Professional Development" section of the search box at the bottom of this page.

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