Flashcards in Closing Statements - Need To Know Deck (9)
What does TRID stand for?
TILA/RESPA Integrated Disclosure
What is RESPA?
Real Estate Settlement and Procedure Act
What is the document called that will replace the existing HUD-1 settlement statement?
What government agency is responsable for the enforcement of RESPA?
The Consumer Financial Protection Bureau - CFPB
When does the loan estimate need to be provided to the consumer?
No later than three days after loan application.
How many days prior to settlement does a buyer need to be given the Closing Disclosure?
3 business days prior.
What is the purpose of the new disclosures?
To provide greater consumer Disclosure on the actual costs and details of their loan.
Does RESPA apply to cash transactions?