Video

  • 16 minutes

TILA-RESPA Integrated Disclosure (TRID) Rule Basics

 
The Dodd-Frank Act directed CFPB to integrate the RESPA and TILA disclosures for mortgage loans. What’s covered by the new rule? Covered transactions are closed-end consumer credit transactions secured by real property. HELOCS are excluded as well as reverse mortgage loans, whether closed-end or open-end. The new disclosure requirements were generally effective for applications received by creditor or mortgage broker on or after October 3, 2015. Provisions regarding the following were effective October 3, 2015 regardless of application date: upfront fee restrictions; pre-application written estimates; upfront restrictions on requiring verifying information; and state law preemption.

In this 15-minute video our speaker, Richard J. Andreano, reviews the “TRID” rule (TILA RESPA Integrated Disclosure Rule) which the CFPB refers to as “Know Before You Owe” rule. He discusses two new forms – the loan estimate form, a three-page form that replaces initial TILA disclosure and good faith estimate; and the closing disclosure, a five-page form that replaces final TILA disclosure and HUD-1. Mr. Andreano also covers liability issues and regulator and secondary market approach.

Richard J. Andreano is a partner and practice leader of the mortgage banking group at Ballard Spahr LLP. He counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB supervision and examination, UDAAP and other Dodd-Frank matters.
Runtime: 16 minutes

Faculty

Richard J. Andreano

Richard J. Andreano

Ballard Spahr LLP

Agenda

Faculty

Richard J. Andreano

Richard J. Andreano

Ballard Spahr LLP

  • Partner at Ballard Spahr LLP
  • Practice leader, Mortgage Banking Group, Ballard Spahr LLP
  • Fellow, American College of Consumer Financial Services Lawyers
  • Chambers USA: America's Leading Lawyers for business, banking and finance: financial services regulation: consumer finance (compliance), national ranking, 2014 to 2017
  • Wrote MBA Compliance Essentials Loan Originator Compensation Resource Guide™, published by the Mortgage Bankers Association
  • Co-wrote, MBA Compliance Essentials TILA/RESPA Integrated Disclosure TRID Rule Resource Guide™, published by the Mortgage Bankers Association
  • Editor-in-chief, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute; author of chapters on the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Home Mortgage Disclosure Act, and the Real Estate Settlement Procedures Act; and co-author of the Equal Credit Opportunity Act and Truth in Lending Act chapters
  • Counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB and other regulator supervision and examination, UDAAP and other Dodd-Frank matters
  • Frequent speaker and author on mortgage industry issues
  • Can be contacted at 202-661-2271 or [email protected]

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