TOP 10 THINGS TO ASK YOUR LENDERS ABOUT THE NEW TILA-RESPA INTEGRATED DISCLOSURES (TRID)
1. Will you prepare and deliver the Closing Disclosure (CD) to the borrower/consumer?
• How do you plan to deliver the CD to the consumer?
• When and how do you plan to deliver the CD to the settlement agent and other parties (e.g. mortgage broker)?
3. What is your process to send the completed CD to the closing/escrow company for approval before delivery to the consumer?
4. How will we send information (data and documents) back and forth?
5. How will you process changes to the CD after delivery to the borrower/consumer prior to consummation, at consummation and after consummation?
6. How can I help you communicate the new process to the interested parties to the transaction (real estate agent, mortgage broker, seller, buyer)?
7. When will closing/escrow company receive documents and your instructions for the closing?
8. Do you require any background information from me or my company prior to closing?
9. Have your funding procedures changed now that the TRID Rule has taken effect?
10. Where the Rule requires the inaccurate disclosure of title premiums on the CD, due to the difference between what the Rule mandates and the rate in effect in a given state, when will you want a copy of the ALTA Settlement Statement that reflects the correct amounts returned with the documents?
© Old Republic Title | October 2015