TRID is here! On October 3, new rules called TILA-RESPA Integrated Disclosure (TRID) went into effect that completely change how residential mortgages are processed. The federal Consumer Financial Protection Bureau wrote the rules in response to the mortgage meltdown that caused the Great Recession. [Only the federal government could make an acronym out of an acronym.]
The new rules are designed to promote transparency and consumer choice, and to hold the parties involved in real estate closings more accountable. It remains to be seen whether these worthy goals will be realized or whether those benefits will be outweighed by the longer, more expensive loan processing system that is now in place.