TRID

Question 1

What does TRID stand for?

Answer 1

TILA-RESPA Integrated Disclosure Act

Question 2

What is the initial disclosure required under TRID?

Answer 2

Loan Estimate

Question 3

TRID does NOT apply to which types of loans?

Answer 3

HELOCs, reverse mortgages, mortgages secured by a mobile home, or dwelling NOT attached to real property

Question 4

Under TRID, how long must records be kept for Loan Estimates?

Answer 4

3 years

Question 5

Under TRID, how long must records be kept for Closing Disclosures?

Answer 5

5 years

Question 6

Variation tolerance for 3rd party services paid to the creditor or to an affiliate between estimate & actual charges?

Answer 6

ZERO tolerance

Question 7

What are the 4 sections of the Loan Estimate?

Answer 7

general information about the transaction
a summary of loan terms
estimated projected payments
estimated costs at closing

Question 8

Changes made after consummation within this period would require new disclosures to be provided to the consumer:

Answer 8

30-day period

Question 9

Creditors must refund excess paid within how many days of consummation?

Answer 9

60 days

Question 10

Creditors must retain all documentation used to calculate average charges for a particular class of transactions for a period of at least?

Answer 10

3 years