On Saturday, October 3, 2015, the loan process (as we know it) will change to meet the new requirements set forth by the Consumer Financial Protection Bureau (CFPB). These revisions to TILA and RESPA regulations and related disclosures will cause borrowers to be presented with Loan Estimate (LE) and Closing Disclosure (CD). These new changes are referred to as TRID (TILA/RESPA Integrated Disclosures).
TRID provides disclosures that are simplified to accurately disclose costs of home financing – while in turn, reducing the loan transaction related paperwork that requires borrowers full review.
First Guaranty Mortgage Corporation® has implemented the necessary workflow additions and modifications to properly support TRID, and has reflected these changes to policies and procedures. The FGMC TRID Resource Center website is 100% to your benefit. Access to valuable CFPB resources, obtain thorough answers to frequently asked questions, and links to videos and webinars provided by Outlook Live, The Federal Reserve System’s audio conference series on consumer compliance issues.
For more than 25 years, First Guaranty Mortgage Corporation® has efficiently and effectively managed lending environment changes.