TILA RESPA Integrated Disclosure
As it Relates to Document Distribution and Delivery Notification
Last update August, 2018
TILA – Truth in Lending Act
RESPA – Real Estate Settlement Procedure Act
TRID – TILA RESPA Integrated Disclosure
Why does this affect you?
The TRID rule itself is primarily concerned with the creation and delivery of two new documents: the Loan Estimate, which replaced the initial Truth in Lending and the Good Faith Estimate forms, and the Closing Disclosure, which replaced the closing Truth in Lending and HUD-1 forms.
What does TRID require?
Timing becomes a critical component and a challenge.
- The Loan Estimate is required to be delivered to the customer within three business days of the application’s completion.
- The Closing Disclosure is required to be provided to the customer three business days prior to consummation of the loan.
- Finalized Closing Disclosure (TILA), must be sent within 45 days on closing (RESPA)
- Goodbye Letter (only if mortgage loan is sold to another bank) within 15 days prior to transfer
Questions to be asked
- How are your vendors handling these changes?
- How will this affect the way you work with your settlement agents?
- Do you have a way to receive and distribute documents to ensure the privacy of personal non-public information?
- Do you have a way to confirm delivery of documents sent to the borrower to ensure good standing of the time requirements?
SecureDock TED Express
- Never compromise convenience for compliance
- SecureDock TED Express can ensure ease of use with full compliance for document security and delivery requirements
To view the complete legislation/requirements, and/or to get further information, please see: