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Flashcards in Closing Statements - Need To Know Deck (9)
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1

What does TRID stand for?

TILA/RESPA Integrated Disclosure

2

What is RESPA?

Real Estate Settlement and Procedure Act

3

What is the document called that will replace the existing HUD-1 settlement statement?

Closing Disclosure

4

What government agency is responsable for the enforcement of RESPA?

The Consumer Financial Protection Bureau - CFPB

5

When does the loan estimate need to be provided to the consumer?

No later than three days after loan application.

6

How many days prior to settlement does a buyer need to be given the Closing Disclosure?

3 business days prior.

7

What is the purpose of the new disclosures?

To provide greater consumer Disclosure on the actual costs and details of their loan.

8

Does RESPA apply to cash transactions?

No

9

What would trigger the need to provide a new Closing Disclosure to the consumer and a new 3-day waiting period?

Changes to the APR, the addition of a Pre-Payment Penalty, or change of Loan Product.