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Preparing for the New Mortgage Regulations

The final implementation of the Dodd-Frank Act of 2010, known as the 'TRID' (TILA-RESPA Integrated Disclosure Rule), is getting closer. Originally scheduled to begin on August 1, 2015, the date has now been set for Saturday, October 3, 2015, by the Consumer Financial Protection Bureau (CFPB). The new regulations require lenders to switch from the old disclosures (the Good Faith Estimate, the Truth in Lending Statement and the HUD-1 Settlement Statement) to new ones known as the Loan Estimate, in place of the GFE, and the Closing Disclosure, which will replace the TIL and the HUD-1 (a settlement statement may also be needed in some instances, since the Closing Disclosure doesn't accomplish all the same work as the HUD-1). For more information, please see our TRID section of our website.

With the new regulations and disclosure requirements, and in recognition of the new burdens they bring, Calyx and its Network vendor partners, ABT and GuardianDocs are working together to offer workable and affordable mortgage solutions for nonprofit organizations.

 
 
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