This course explains the background and purpose of the TILA-RESPA Integrated Disclosure Rules. This course provides an overview of the Loan Estimate (LE) and Closing Disclosure (CD) and the timing requirements. This course emphasizes factors to comply with TRID rules regarding restrictions on fees, misaligned mortgage rules, and timing requirements.
After completing this course, students will be able to:
• Describe the purpose of the new TILA-RESPA Integrated Disclosure rules and identify the types of transactions that are covered under the TRID rules and which are not covered
• Explain the timing requirements for providing the Loan Estimate (LE) and when a revised LE is required and when it is allowed
• Recognize the tolerance variations for three categories of fees
• Explain the timing requirements for providing the Closing Disclosure (CD) and when a revised CD is required and when it is allowed
• Identify important considerations for complying with TRID rules