Effective October 03, 2015 There are new rules for home buyers who borrow money for the mortgage.  The familiar "Good Faith Estimate", "Truth in Lending Disclosure" and HUD-1 disclosure are no more.  What has replaced them is called TRID.  TRID stands for TILA-RESPA INTEGRATED DISCLOSURE.

What TRID does is provide for simplified plain English disclosures of your new loan terms and conditions.  There are 2 disclosures generally, but in California, currently there will be 3.  The Loan Estimate(LE) is the disclosure you receive after you provide a complete loan application.  The Closing Estimate(CE) is provided to the consumer before closing and contains the final terms and conditions of the new purchase loan or refinance. Californians will also need to review and sign the California Loan Estimate Addendum(CLEA), which adds language the California Bureau of Real Estate wanted just for us.

Also proved to borrowers under the new rules is a booklet called "Your Home Loan Toolkit",  this item is provided upon a your providing a complete application.  The toolkit helps you understand TRID and offers other useful advise and resources.

We have "Your Home Loan Toolkit" booklet available for you. The Consumer Financial Protection Bureau created the booklet to replace HUD's "Settlement Cost Booklet" which was previously provided to borrowers shopping for home loans.

Larry Littlejohn, Realtor/Broker Gold Circle Realty & Mortgage