TRID Amendments 2020

We’re a few years into the TRID rule implementation, and we also have the “TRID 2.0” rules from the CFPB. Also the Dodd-Frank reform bill signed into law in May of 2018 mandated some further revisions. How are things going for you? You’ve probably run into many of the same issues many of your peers are, and you likely have many of the same questions. Hopefully it comforts you to know you’re not alone! TRID also is top of the list of common violations and problems. The TRID 2.0 changes were meant to correct some outstanding issues with the regulation and make compliance easier. However, they’re very detailed.

This webinar is intended to review and discuss many of the major issues lenders are facing with TRID, including the most recent updates and some continued unresolved questions and how to deal with them. As well, there are many pain points in both the new loan process and disclosures that we’ll review in order to formulate some best practices. We’ll talk specifics about the Loan Estimate and Closing Disclosure, as well as some of the frequent violations discovered so far.

Covered Topics

  • Most recent amendments to the regulation: TRID 2.0
  • Dodd-Frank reform provisions – what will they do? What can we expect?
  • Criticality of meeting the timing and delivery requirements of the Loan Estimate and the Closing Disclosure
  • Ensuring your application process is sound
  • Issues around the content of the Loan Estimate and the Closing Disclosure – specific line items and questions
  • Variations/tolerance issues – what is the “fee tolerance baseline”? When we can issue a revised LE (and/or CD?) How and when should we remediate?
  • Documenting changed circumstances – perhaps the most important thing you can do
  • Changes before closing – is a new waiting period required?
  • Pre-disclosure requirements – collecting fees and obtaining “intent to proceed”
  • Pre-qualifications and preapprovals (are there such things anymore?)
  • Keeping straight the business day differences and the mailing rule
  • When to rely on automation vs. when not to
  • Proving your good faith efforts to comply
  • And much more

Who Should Attend?

Anyone in the institution having responsibilities in the consumer mortgage environment, including loan officers, processors, clerks, closing agents, and so forth. Also compliance officers and counsel will benefit from the information provided in this webinar.