As of August 1st, 2015, the Good Faith Estimate and the Truth-in-Lending Disclosure for most closed end residential loans are going away. Those two forms will be combined into a single Loan Estimate, to be given to consumers within three business days of applying for a loan. Additionally, the Closing Disclosure Form will replace the HUD-1 Settlement Statement and the final Truth-in-Lending Disclosure.
Watch this short video courtesy of Stewart Title to learn more about what the TILA-RESPA Integrated Disclosure (TRID) rule means and how the Consumer Financial Protection Bureau (CFPB) changes impact real estate agents. To watch the video, just click on the image below.