What is TRID

3. Changes to the 0 ° /o Tolerances Category

- Fees paid to the creditor, a mortgage broker, or an affiliate of either (NEW) - Unaffiliated third-party services for which the borrower cannot shop (NEW) 4. Written List of Providers

- The creditor must provide a separate list of services for which the borrower may shop and identify at least one available provider for each service no later than the third business day after receiving the application

• Must include sufficient information to allow the borrower to contact the provider • Must state that the borrower may choose a different provider for that service 5. Issuing the Closing Disclosure

- The creditor is responsible for providing the Closing Disclosure, including HUD-1 information that the settlement agent was previously responsible for - The settlement agent is responsible for providing the Closing Disclosure to the seller

Example: How To Count The Days For The Closing Disclosure Rule

Closing Date

Monday

Tuesday

Wednesday;

Thursday

Friday

Saturday

v

v

v

v

v

v

Disclosures Due

Preceding Thursday

Preceding

Preceding Saturday

Preceding

Preceding Tuesday

Preceding Wednesday

Hand deliver

Friday

Monday

Deliver by courier with signed receipt

v

v

v

v

v

v

Disclosures Due

Preceding

Preceding Tuesday

Preceding Wednesday

Preceding Thursday

Preceding

Preceding Saturday

Monday

Friday

Note: If a federal holiday falls in the three-day period, add a day of disclosure delivery. The three-day period is measured by days, not hours. Thus disclosures must be delivered 3 days before closing, and not 72 hours prior to closing. Disclosures may also be delivered electronically in compliance with E -Sign requirements. Note: If the Closing Disclosure is provided in person, it is considered received on the day it is provided. Ifmailed or delivered electronically, consumer is considered to have received the Closing Disclosureethree business days after it is delivered. However, if the creditor has evidence that the consumer received the Closing Disclosure earlier than the three business day delivery time, ,t may rely on that evidence as the received date. TRID Resource Links: Know consumerfinance.gov/regulatory-implementation/tila-respa/ #disclosuresconsumerfinanee.gov BeforeYou Owe mortgages Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Visit usbank.com to learn more about U.S. Bank products and services. Mortgage, Home Equity and Credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association, Member FDIC. ©2015 U.S. Bank 150281 The content of this communication is not intended for consumer use or for distribution to any third party. This information is being provided to you as a service and reflects information U.S. Bank Home Mortgage compiled from various sources. This information is not intended to be legal advice and U.S. Bank will not accept any liability for reliance on the content of this bulletin. Please consult with your own legal counsel about how this communication may affect you and your business.

I Q li���

BRENDAN KOLESAR I TEAM LEADER NMLS # 260655 OFFICE: 0: 858.764.78371 C: 916.541.18081 F: 858.408.7157 12750 HIGH BLUFFDRIVE. SUITE 200 SAN DIEGO. CA 92130

Made with