TRID: Changed Circumstances & Revised Loan Estimates
Compliance with the TILA-RESPA Integrated Disclosure (TRID) rule is very complex and continues to be a frequently cited violation. Just when it seems compliance documentation requirements are satisfied, a change occurs. Whether borrower- or lender-initiated, changes happen for a variety of reasons, and you must be prepared to recognize opportunities to issue a revised Loan Estimate that enables critical tolerance levels to be reset.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Effectively address borrower-initiated change requests
- Recognize valid changed circumstances which permit the issuance of a revised Loan Estimate
- Explain the timing requirements associated with a valid changed circumstance
- Develop documentation to justify resetting baselines for tolerance testing
- Explain the importance of documenting fees impacted as a result of a valid changed circumstance
- Properly calculate variances of loan costs and their corresponding tolerance categories
WEBINAR DETAILS
This webinar will review what constitutes valid TRID changed circumstances and how to issue a revised Loan Estimate in a timely manner. It will explain how to properly calculate if the change enables re-disclosure of the costs so that they stay within acceptable tolerance levels. Loan file documentation is critical to support the reason for the change and to clearly identify the fees that were directly impacted. This program is designed to ensure you are prepared to capture the opportunity to issue a revised Loan Estimate and properly support the lender’s reaction to a change.
WHO SHOULD ATTEND?
This informative session is designed for mortgage lenders, loan processors, loan review staff, auditors, compliance personnel, and any others involved in preparing the loan estimate.
