 On October 3, 2015, the Consumer Financial Protection Bureau’s (CFPB) new
mortgage disclosure law, also known as the TRID went into effect. TRID will
help consumers be more informed regarding the closing cost.Here are11
things you should know about the new law: 1. Initial Good Faith Estimate (GFE) and Truth in Lending disclosure (TIL)
are now combined into one new form called the Loan Estimate (LE). 2. Instead of the old forms such as the HUD-1 and Final TIL we now have the
Closing Disclosure (CD). |
