TRID Concentration Flashcards
What documents were combined to create the Loan Estimate?
Initial TIL Disclosure and RESPA GFE
What documents were combined to create the Closing Disclosure?
Final TIL Disclosure and RESPA HUD-1
Loan Estimate must be delivered/placed in the mail…
No later than the 3rd day after application
No later than the 7th day before consummation
How many days does the consumer have to shop?
10 business days
When must a corrected Closing Disclosure be provided?
Disclosed APR becomes inaccurate
Loan product changes
Prepayment penalty added
What loans currently subject to TILA but not RESPA are subject to TRID?
Construction only
25+ acres
Record retention: general and CD/LE
2yrs general, 5yrs CD, 3yrs LE
10% cumulative tolerance for settlement services
Recording fees
3rd party services where the charge isn’t paid to the creditor, or consumer is permitted to shop and chooses a recommended provider
No tolerance limitations for settlement services
Prepaid interest, property insurance premiums, escrow
Services where creditor permits the consumer to shop and consumer doesn’t use a recommended provider
Transactions not subject to TRID
HELOCS
Reverse mortgages
Mobile home/no real roperty
Loan estimate timing..
Within 3rd business day of application and 7th day prior to consummation
