While October 3, 2015 came and went without any particular fan fair, it did mark the start of a new era in residential mortgage lending. October 3 is the effective date for the Consumer Financial Protection Bureau’s new combined Truth in Lending – Real Estate Settlement Procedures Integrated Disclosure (a/k/a “TRID”). For all residential mortgage loan applications taken on or after October 3, 2015 the lenders are obligated to utilize the “TRID” disclosure in connection with closing. The familiar Truth in Lending Disclosure form and HUD-1 Uniform Settlement Statement – mainstays in the residential mortgage closing world for over thirty years – will be replaced with the TRID. Continue reading “October 3, 2015 – The Start of a New Era for Residential Mortgage Loan Closings”