The New Rules for Mortgages

TRID is a new rule for forms and process used in residential mortgage lending. It affects the process and timing of your mortgage and more importantly your closing. It is short for TILA RESPA Integrated Disclosure. The new rules went into effect on October 3, 2015 and will apply to any mortgage applications taken after that date.

There are several new and combined forms used by lenders, you will be receiving documents via email and have the capability to sign and return documents electronically and the definition of a mortgage has changed. There are now 6 parts that must be provided to the lender to be considered a mortgage application that requires disclosures. And YES, you can still obtain a preapproval!

It is very important that the borrower understands what the forms are, the steps the lender needs to take to comply with the new regulations and how any errors will delay a closing. You will need to follow the step by step process with your lender. They will be sending your new forms to review and sign and return. Most of these forms will be received by email. So please check for emails and keep in contact with your loan officer to make sure the loan is proceeding according to plan.

The Mortgage Loan Officer and Attorney will be able to answer any questions you may have on the matter. Please contact them directly with any questions you may have.

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