TRID stands for Tila/Respa Integrated Disclosures. Boy that is a mouthful. The concept of TRID is good however there will likely delays and challenges until everyone has the systems figured out.
Here are the things that you will need to know as a start. We will continue to update you as time goes on.
1. TRID goes into effect for mortgage applications after October 3, 2015 (unless it is delayed).
2. If you are wanting to close on a home before the end of the year, you will need to take action as loan timelines are going to be longer. The estimated closing times range from 45 days to 120 days depending on who the lender is that you are using. Sellers will likely be looking at this factor when it comes to offers even more.
3. Many of the…