Deeds, Title & Closing
A federal rule combining TILA and RESPA disclosures into the Loan Estimate and Closing Disclosure forms.
TRID went into effect October 2015 and applies to most closed-end consumer mortgages. It replaced the prior HUD-1 settlement statement and Good Faith Estimate with two new forms: the Loan Estimate (LE), delivered within 3 business days of application, and the Closing Disclosure (CD), delivered at least 3 business days before closing. The 3-day CD rule is critical: certain changes (APR increase > 1/8%, loan product change, prepayment penalty added) require a new CD and reset the 3-day clock, often delaying closings.
Exam Tip
LE within 3 business days of application. CD at least 3 business days before closing. Major changes RESET the 3-day clock.
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Deeds & Title
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