TRID Garners Mixed Reviews from Lenders, Borrowers
Last year the Consumer Financial Protection Bureau (CFPB) adopted a new loan disclosure process, replacing the previous Good Faith Estimate and HUD-1 regulations with the TILA-RESPA Integrated Disclosure rules or TRID for short.
If you’re not in the housing business, you probably didn’t notice. But a recent survey conducted by Fannie Mae’s Economic & Strategic Research Group (ESR) suggests that real estate pros, and lenders in particular, are definitely feeling the impact.
The new regulations essentially bring under one umbrella what were previously two separate regulatory disclosures, says Sheila Teimourian, Fannie Mae Vice President and Deputy General Counsel.