IAR members who are designated realtors® for their real estate office can check their email for the July issue of D.R. Legal News and the story about TRID, otherwise known as the new integrated disclosure rule.
The latest proposal by the Consumer Financial Protection Bureau includes an effective date of Oct. 3, although that date hasn’t formally been approved, writes Jeffrey T. Baker, Sorling Northrup Attorneys, IAR Transaction Helpline. It’s just one of six important pieces of information he mentions in the July D.R. Legal News.
The second item on Baker’s list is that the new loan estimate form will replace the initial truth-in-lending and Good Faith Estimate forms. The new loan estimate form is intended to provide consumers with a more accurate estimation of the true financing and closing costs. He says each estimate must fall within a prescribed tolerance or a refund to the consumer from the lender may be necessary.
Third item on Baker’s list is that the loan estimate must be delivered to the consumer within three business days of a loan application. Whenever applicants provide their names, Social Security Numbers, incomes, addresses of properties to be purchased, the estimated values of the properties and the loan amounts to the lenders, applications have been made.
Get the other three pieces of TRID information from Baker by reading the July D.R. Legal News.