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Big changes coming to the Mortgage industry on August 1st, 2015
  • May 01, 2015
  • New Home Ambassador
  • new home construction new home builders new mortgage rules August 1 2015 TRID Trio disclosures

 

"The new TRIO disclosures and other requirements are major game-changers for how we will originate and close mortgages.”  

-Adam Kessler, President, Academy Mortgage

 

Due to changes required by the Dodd-Frank Act, the CFPB has published   revisions to Regulations Z and X (TILA and RESPA) that will create some significant changes to mortgage lending, effective August 1, 2015.  These TILA-RESPA changes-which   Academy is calling TR ID-include   2 new integrated disclosures: the Loan Estimate and the Closing Disclosure. These new disclosure forms have been extensively tested in focus groups to assure greater clarity.

Loan Estimate form: For the last 40+ years the mortgage industry has provided borrowers with a Good Faith Estimate (GFE) and an initial Truth-in-Lending disclosure ("early TILA").  The GFE and "early TILA" forms will be combined into one new form, called the Loan Estimate. The purpose of combining the previous forms into the new Loan Estimate is to help borrowers better understand key features, costs, and risks of the mortgage for which they are applying.

 

Closing Disclosure form: This form will be created to combine the HUD-1 and the final Truth-in-Lending disclosure.

The new Closing Disclosure form must be provided at least 3 business days before the consummation of the loan. This change and others will have an impact on the industry and provides Academy the opportunity to get out in front of the news.

 

Other changes:  In addition to the new forms, several rule changes and investor overlays are among the coming TRIO changes.

 

Here is a look at Now and Next look at how mortgages are originated and closed.

 

 

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