TRID, a set of regulations that came into effect in October is impacting the lending industry.  Most of the changes are embodied in two disclosure forms, THE LOAN ESTIMATE FORM & THE CLOSING DISCLOSURE FORM.

The new disclosure forms are designed to improve disclosures to consumers and also contain tolerance limitations that may cause lenders to refund fees to consumers when certain costs vary between the initial and final disclosure.

Borrowers must receive the new closing disclosure at least 3 business days before they close on the loan. The final Closing Disclosure must list all the actual costs of obtaining the mortgage.







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