Union Home Mortgage Continues Preparation Despite TRID Delay

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TRID Changes Effective October 1st

TRID Changes Effective October 1st

We are not going to change our sense of urgency

Union Home Mortgage Corp. (UHM) will continue to prepare for the TRID (TILA RESPA INTERGRATED DISCLOSURES) changes despite the new implementation date of October 1st, 2015.

The changes in TRID were originally set to take place on August 1st, but an administrative ruling has caused a two month delay in the implementation of the program. The push back in date, however, will not affect how UHM prepares for the upcoming change in the system, as the company is focused on staying ahead of the game.

“We are not going to change our sense of urgency,” Don Griffiths, Vice President of Operations at Union Home Mortgage stated. “We are still going to treat preparations for this project like the start date is August 1st.”

Preparations for the TRID changes include implementing a measurement behind the scenes program to track how many loans would close if the changes in TRID were in place today. Also, creating pipeline views to set target dates for the closing disclosures will help keep the company ahead and prepared for the changes.

“I would much rather be further ahead,” Griffiths said. “This gives us more time to test, test, test.”

The new changes in TRID were set into motion on November 20, 2013 when the Consumer Financial Protection bureau issued its final rule which includes new integrated disclosures for consumer closed-end transactions secured by real estate property. Overall, the rule provides detailed requirements to complete the new forms, when the forms should be issued to consumers, and what transactions are required to use the new forms.

This rule creates two new disclosures, the Loan Estimate and the Closing Disclosure. With these changes, the Loan Estimate must be delivered or placed in the mail no later than the third business day after receiving the application and no later than the seventh business day before consummation.

“These changes mean that it is going to be a relay race,” Griffiths said. “The staff and the loan officers are going to be working together as a team now more than ever.”

If you have any questions regarding TRID or the new implementation date please contact Union Home Mortgage.

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Jim Ferriter
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