Under the TRID rule, an application consists of the submission of the following six pieces of information:
- The consumer’s name.
- The consumer’s income.
- The consumer’s social security number to obtain a credit report.
- The property address.
- An estimate of the value of the property and.
- The mortgage loan amount sought.
What are the 6 pieces of information mortgage application?
Six Key Pieces of Information That Are Required on Every Loan Application
- Consumer’s Name.
- Monthly Income.
- Social Security Number.
- The Property Address.
- An Estimate of the Value of the Property.
- The Loan Amount.
What is the new Trid rule?
The TRID Rule implemented the Dodd-Frank Act’s directive to combine certain mortgage disclosures that consumers receive under TILA and RESPA and requires that all creditors use standardized forms for most transactions.
What triggers a new closing disclosure?
These are: A change which renders the APR inaccurate; A loan product change causing the disclosed information to become inaccurate; or. The addition of a prepayment penalty to the loan.
What is the purpose of the TILA respa rule?
The TILA-RESPA rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms: a Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application, and a Closing
What transactions are covered by Trid?
TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans, and loans secured by vacant land or by 25 or more acres.
What loans are exempt from Trid?
Note too that the TRID rule applies to certain loans currently exempted by RESPA such as construction-only loans and loans secured by vacant land or by 25 or more acres. Existing early and closing disclosures will continue to apply to mortgage loan transactions not covered by the TRID rule.