MBA Releases TRID Resource Guide

The Mortgage Bankers Association (MBA) has released a new TILA RESPA Integrated Disclosure (TRID) Resource Guide designed to assist lenders in complying with the TRID rule by Aug. 1, 2015. TRID was issued by the Consumer Financial Protection Bureau (CFPB) and combined the mortgage disclosure regimes established by the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into one single rule.

“TRID is 1,888 pages in length and affects every business functioning in the single-family mortgage market,” said Jeffrey Schummer, MBA’s vice president of education development. “Compliance with this new rule requires major systems and operational changes. As such, MBA’s TRID Resource Guide will help companies to ensure compliance by the Aug.1 deadline.”

Specifically, the TRID Resource Guide covers the new Loan Estimate and Closing Disclosure in detail, outlines top issues with the rule, and provides a set of model policies and procedures along with checklists for implementation and working with technology providers. The TRID Resource Guide is written by two of the industry’s top compliance experts: Richard Andreano Jr., a partner at Ballard Spahr LLP and Richard B. Horn, a partner at Dentons.