1.Loan EstimateSample 2.Closing DisclosureSample What was Eliminated 1.Good Faith Estimate 2.Truth in Lending Form 3.Settlement Statement Purpose of the NEW Loan Estimate & Closing Disclosure The GFE, TIL and Settlement Statement were dissimilar in format. This led to consumer confusion when trying...
Those who are unfamiliar with TRID, the major change is that the Good Faith Estimate is going away in favor of a new “Loan Estimate” and the HUD-1 Settlement Statement is going away in favor of a new “Closing Disclosure.” TRID provides for specific deadlines as to when the Loan Esti...
"When more than 62% of those questioned do not know the correct definition of business day for the Loan Estimate, for example, we have a problem,” said Bell. "Now that the Consumer Financial Protection Bureau announced a final on the deadline today for meeting TRID compliance, it’s time...