TILA/RESPA Integrated Disclosures (TRID) - Reg Z Flashcards

1
Q

What does TRID stand for?

A

TILA/RESPA Integrated Disclosures

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2
Q

What Regulation is TRID?

A

Reg Z

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3
Q

What are the 3/7/3 Timelines?

A

3: initial disclosures must be sent at or within three business days of application
7: fastest consummation may occur is on the seventh business day after receipt of a LE
3: waiting period of three business days from receipt of CD to closing

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4
Q

The 3/7/3 Rule RESETS if:

A
  • APR increased by 1.25% or more
  • prepayment penalty added
  • program changes
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5
Q

Mailbox:

A

A document is considered received on the 3rd business day after it is mailed

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6
Q

Rescission:

A

3 day waiting period from closing to funding on a refinance of primary residence

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7
Q

TRID Disclosures “MUSTS”

A
  • Loan Estimates
  • Your Home Loan Toolkit (Special Info Booklet - SIB)
  • List of HUD Counselors (min of 10 agencies)
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8
Q

TRID Disclosures “MAY”

A
  • CHARM Booklet (ARM)
  • When your home is on the line (LOC)
  • Notice of Right to Receive Copy of Appraisals
  • Affiliated Business Arrangement (AfBA)
  • Notice of Right to Rescind (2 copies per borrower)
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9
Q

According to TRID, how many descriptors of loan can be on the LE and CD?

A

2

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10
Q

According to TRID, what is the only field an MLO can use a description for?

A

subject property

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11
Q

According to TRID, subject property must AT LEAST include what?

A

zip code

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12
Q

According to TRID, you must know details exactly or _____ ______.

A

leave blank

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13
Q

According to TRID, you are never allowed to use what on LE/CD?

A

“N/A”

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14
Q

According to TRID, on the LE/CD you must always include an estimate of what?

A

escrow amounts (don’t put $0)

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15
Q

On the LE/CD, how long must charges be good for?

A

10 days

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16
Q

On LE/CD rate can change at any time if not locked (True or False)?

A

True

17
Q

Fonts for LE/CE =

A

main text: 12

subtext: 8

18
Q

Use of LE/CD is mandatory and forms may not be altered. (True or False)

A

True

19
Q

The LE is __________.

A

summarized

20
Q

The CD is ________.

A

itemized

21
Q

TRID Tolerances:

A
  • Box A (origination) and Box B (cannot shop) = 0%
  • Box C (can shop) = 10%
  • Other = unlimited tolerance
  • APR =
    ~irregular transaction = .25%
    ~regular transaction = .125%
22
Q

LE/CD disclosure the APR and TIP over how many years?

A

5 years

23
Q

What does TIP stand for?

A

Total Interest Percentage

24
Q

How early may a borrower review FINAL CD (or HUD 1 Settlement) prior to closing?

A

24 hours