Description
30min | Credits: 0.75 CRCM
Offers a practical overview of the TILA-RESPA Integrated Disclosure (TRID) rule and is designed to help banking professionals understand the key requirements related to the required Loan Estimates and Closing Disclosures. The course explains the types of mortgage transactions covered, the timing and content of required disclosures, when required disclosures may be revised, how items in Loan Estimates are compared to those in Closing Disclosures, and the tolerances for any variations between those disclosures.
Audience: Loan Officers, Loan Assistants, Loan Processors, and Bank employees who need a general understanding of TRID compliance. This course is designed for individuals who interact with consumers during the mortgage process or need a working knowledge of TRID rules, but not for those seeking in-depth legal or procedural analysis.
Learning Objectives
After completing this course, students will be able to:
- Explain the purpose of TRID and identify the types of transactions that are covered and not covered.
- Describe the content and timing requirements of the Loan Estimate and when revisions to Loan Estimates are permitted or required.
- Describe the content and timing requirements for providing the Closing Disclosure and when revisions to a Closing Document are permitted or required.
- Explain the “tolerances” for cost increases between the Loan Estimate and the Closing Document.
This course is part of the ABA Frontline Compliance program.