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TRID: The Know Before You Owe Rule

We have all been talking about the TILA/RESPA Integrated Disclosure rule, also known as TRID. Since this rule is designed to help borrowers understand the terms of their home financing transaction, there is a trend to start referring to this rule as the Know Before You Owe rule instead of TRID. The Know Before You Owe rule took effect October 3, 2015.

So what can you expect now that this rule is in effect?

TRID forms for title agenciesFirst, you will see consumer disclosures that are very easy to read. The Loan Estimate forms will clearly set forth the terms of the proposed transaction to help the borrower determine whether they would like to proceed with the transaction.

Next, consumers will be given their Closing Disclosure early. Before closing on a home purchase or refinance, consumers must receive a copy of their Closing Disclosure at least 3 business days prior to closing so if they have questions, their Loan Originator can provide them with additional information. The format of the Closing Disclosure will also mirror the Loan Estimate to make comparison easy.

This new rule was designed with consumers in mind. For additional information about this rule, please see our educational videos below.

What is TRID?

Let's break it down into real language

What does TRID stand for?  TRID is the TILA / RESPA Integrated Disclosure Rule.  Only in the mortgage world would we make an acronym out of acronyms... so let’s break this down a little further.  TILA is the Truth in Lending Act and RESPA is the Real Estate Settlement Procedures Act.  The CFPB modified both rules in its TRID final ruling.

Watch the videos below with the AmeriFirst Financial Corp. Senior Vice President of Compliance, Sheila Strong. Whether you're a home buyer, a real estate agent or an industry expert, Sheila will offer insights into what this change means for you. 

TRID Three Day Closing Disclosure Rule AmeriFirst

TRID for Home Buyers

Will this change the process for you? 


See the video here: How TRID Will Affect Home Buyers

At AmeriFirst HQ, we have a compliance team that maintains open communication with the CFPB to ensure its rulemakings are implemented with best practice recommendations in mind. We work hard to understand the rules and regs to help make sure homeowners like you are provided with the most accurate and up-to-date information about your home-buying or refinancing experience.

It's important to us that you feel safe with us as your lender.

See the video transcript here

TRID for Originators

Q & A all about TRID

See the embedded video here - Questions and Answers about TRID withAmeriFirst Home Mortgage 

As you probably have heard, TRID is the TILA RESPA Integrated Disclosure Rule that is being implemented in August 2015.  So what exactly are the changes on the horizon?

Find out what forms will be eliminated, what's coming and what it means for your work day & clients in the video above.

See the video transcript here.

Sheila Strong on LinkedIn

Sheila's articles at AmeriFirst 

TRID: The Inside Track




See the embedded video here: TRID: The Inside Track for Loan Originators  

As you know the TILA RESPA Integrated Disclosure rule (also known as TRID) is going to make big changes to the mortgage industry this coming August. Sheila breaks down what we're doing for loan originators, to get ready for TRID.


TRID for Agents

What will TRID do to my deals? 

See the embedded video here - How TRID Will Affect Realtors

Will TRID and mortgage industry changes derail deals for you and your home buyers? Will turn-times become unbearable? What are lenders like AmeriFirst Home Mortgage doing to get ready for TRID? 

Hear from Sheila Strong on all of these questions and more.

See the transcript here.


We're on it

Our team is working hard to make sure we're ready for TRID for you

Rest assured, we're working closely with the CFPB and our regulators to ensure we're following their rules, while making sure the home buying process remains manageable - and even enjoyable - for all involved.

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TRID Experts

The Compliance Team members at AmeriFirst Home Mortgage have worked hard to become TRID experts. Below is an example of that, as Vice President of Compliance Sheila Strong speaks on the TRID Panel of the Mortgage Bankers Association of America's Regulatory Compliance Conference September 21, 2015. 

Sheila Strong at MBA for TRID Panel