What TRID Means for Residential Mortgages

Kelly Tribell By Kelly Tribell


The TILA RESPA Integrated Disclosure rule was implemented in early October. This rule impacts everyone involved with residential mortgages and may be causing some concerns for consumers who aren’t sure what it means for them.

Though new, TRID already shows benefits for both the consumer and the real estate industry. Consumers see benefits such as:

  • Less paperwork
  • Accurate loan estimate
  • Closing document given three days prior to closing

This document allows the consumer to have plenty of time to get answers to any questions they may have before getting to the closing table. The real estate industry also receives benefits. These benefits include:

  • Less paperwork
  • More orderly closing process

Overall, TRID is proving to be a method that simplifies the process of closing.

At Simply Home Lending, we understand the concerns our customers may have. If you have any questions about the new regulations, or home lending in general, please contact our office.