TRID Rule Reduces Mortgage Offerings, Causes Delays

Banks are still struggling to comply with the Consumer Financial Protection Bureau’s 2015 TILA-RESPA Integrated Disclosure rule By Jeff Sorg, OnlineEd Blog (March 3, 2016) – WASHINGTON — Banks are still struggling to comply with the Consumer Financial Protection Bureau’s 2015 TILA-RESPA Integrated Disclosure rule, or TRID, according to an American Bankers Association survey. The survey, conducted

The Top 10 Things Real Estate Agents Need to Know About TRID/Know Before You Owe

Real Estate Agents need to review and become familiar with the Closing Disclosure in order to answer buyer and seller questions By Jeff Sorg, OnlineEd Blog (December 23, 2015) – Every real estate agent should get familiar with the TILA-RESPA integrated disclosure forms. These new Loan Estimate and Closing Disclosure forms are required for most mortgage loan applications. While

7 Things Real Estate Brokers Need to Know About TRID

TRID, it’s really not all that complicated for the real estate broker By Jeff Sorg, OnlineEd Blog (Listen to this post in audio) (December 18, 2015) – TRID is an acronym for TILA/RESPA Integrated Disclosure and is part of Know Before You Owe – Mortgages, the CFPB’s mortgage initiative designed to help consumers understand their loan options, shop for the

Mortgage Customer Satisfaction Increases as Lenders Adopt New Technology

Overall satisfaction with mortgage application-related activities is higher among customers who used digital communication By Jeff Sorg, OnlineEd Blog (Nov. 16, 2015) /PRNewswire/ — Overall mortgage customer satisfaction has increased this year as lenders have focused on developing functional digital channels and improving operational efficiency, according to the J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction

Will TRID Delay My Real Estate Closings?

The answer is NO for just about everybody.  By Jeff Sorg, OnlineEd Blog PORTLAND, Ore. (September 21, 2015) – Download our free informational poster for display or handout in your real estate office. Three things can require a 3-day delay in your closings: .PDF Version, .JPG Version     ### For more information about OnlineEd and their education for real

Real Estate Brokers Are You Ready? Time is Running Out to Learn About TRID!

TILA-RESPA Integrated Disclosure (TRID) rules just one month away By Jeff Sorg, OnlineEd Blog PORTLAND, Ore. (September 4, 2015) – With the new TILA-RESPA integrated disclosure rules less than one month away, it’s time for real estate brokers in every state to learn what they need to know about the new rules, how to explain the new

United Wholesale Mortgage Launches Same-Day Loan Closing Product

UClose was built strategically to comply with the upcoming TILA-RESPA Integrated Disclosure Rule (TRID) By Jeff Sorg, OnlineEd Blog PORTLAND, Ore. (August 10, 2015) – United Wholesale Mortgage (UWM) has released its UClose tool to allow mortgage brokers to close their loans within an hour of receiving a clear-to-close authorization. UWM is hopeful that this exclusive online tool will

TILA – RESPA Integrated Disclosure – Part 5 of 5: Special Information Booklet

Special Information Booklet  (Part 5 of 5) (Jeff Sorg, OnlineEd) – A creditor must provide the special information booklet, specifically the RESPA Settlement Costs Booklet, to the consumer who applies for a consumer credit transaction secured by real property no later than three business days after receiving the consumer’s loan application. The booklet does not have

TILA – RESPA Integrated Disclosure – Part 4 of 5: Curing Tolerances

Curing Tolerances  (Part 4 of 5) (Jeff Sorg, OnlineEd) – On the Loan Estimate, certain charges are not subject to a tolerance limitation. This means that the amount charged the consumer may exceed the amount disclosed on the Loan Estimate by any amount. Examples of these charges are: Prepaid interest, property insurance premiums, amounts placed into escrow,

It’s Official! CFPB Moves TRID Implementation Date to October 3, 2015

(Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau has issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures, or TRID, to October 3, 2015. The final rule issued today also includes technical corrections to two provisions of the Know Before You