In January we issued our first instruction on the development of a policy designed to help you manage the new disclosure rules under the combined TIL and RESPA rule, known as TRID. Many of our clients didn't take advantage of the free template we provided, and we have seen some industry compliance providers begin to offer these for sale. We wanted to remind you that you have this free resource.
Download TIL-RESPA Policy Template Draft Here
Notes on Content
This process is still under revision. We have made several adaptations based on industry analysis and legal feedback:
Part of this is educational material. We include a powerpoint on the process, but several firms have already provided very comprehensive instruction on the completion of the new Loan Estimate and Closing Disclosure. For our compliance management system clients we will include this instruction.
- The possible need to remove non-threshold re-disclosures to track compliance
- For brokers: the need to assess wholesalers who will prepare Loan Estimates on your behalf
We anticipate further adjustments as we get closer to the 8/1/2015 implementation deadline, so ensure that you are receiving our update e-mails. If you have feedback on this, please let me know so we can continue to make this a better system for everyone.