Everything you need to know about TRID – what to expect and how to handle it!

1. Realtor’s Guide to TRID
Everything you need to know about TRID – what to expect and how to handle it!
The W’s
What
Who
When
The Forms
Loan Estimate
Closing Disclosure
3 Business Days
Timelines
Calendars
Rules and Exceptions
TRID & Your Clients
What it means for your
clients
The real estate industry will undergo major changes on October 3rd, 2015, when TRID (TILA/RESPA Integrated Disclosures goes into effect).
We’ll walk you through each change and outline the best practices so that you can provide the best experience for your clients.
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd. Ste. 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

2. FORMS
WHAT’S NEW
Loan Application
Loan Estimate
Closing Disclosure
TRID is an acronym for TILA-RESPA Integrated Disclosures. The Dodd-
Frank Act required the CFPB to combine disclosure documents to
improve compliance and help borrowers understand loan terms. This
regulation is known as TRID. The major changes are outlined here.
We don’t want you to worry about reading all 1,888 pages of
regulation. So, we’ve created this guide that includes everything you
need to know, what to expect and how to handle it!
TRID
WHAT IS IT?
RULES
WHAT’S CHANGED
Intent to Proceed
3 Day Disclosures
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363
What is TRID?
What is it? What’s new? What’s changed?
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3. Who is impacted?
Realtor’s Guide to TRID
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LENDER
Lenders will play an even more important
role in closings. They will provide the Loan
Estimate and Closing Disclosure.
REALTORS
Realtors must stay on top of the changes
and follow new timelines. Last minute
changes will need to be communicated to
all parties.
CLIENTS
Clients will need to provide intent to
proceed and review documentation for
changes.
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

4. 04
October 3rd, 2015
Beginning October 3rd, 2015 old
disclosures can no longer be used
for any applications received on or
after this date. TRID!
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

5. Rules & Exceptions
What loans does this apply to? What is excluded?
 TRID Rules & Exceptions
These rules apply to most mortgages with the exception of home
equity lines of credit (HELOCs), reverse mortgages and mortgages for
dwellings not attached to land. These exceptions as well as mortgage
applications taken prior to October 3rd, 2015 will continue with
traditional GFE and TIL forms.
× Does NOT Apply
× Home Equity Lines of Credit
(HELOC)
× A line of credit with a
maximum
× Reverse Mortgages
× Loan secured by a Mobile
Home or Dwelling that is
not Attached to Real
Property.
 Does Apply
 First Mortgages: Purchase and
Refinance
 Closed-end Home Equity Loans
 Vacation and Second Homes
which include Time Shares &
Intervals
 Loans on 25 Acres or More
 Vacant Lot (Subdivision) Loans
 Construction-Only Loans
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363
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6. Loan Application & Integrated Documents
ABOUT THE FORMS CHANGES LOAN APPLICATION LOAN ESTIMATE CLOSING DISCLOSURE
The major change TRID brings for realtors is
the integrated documents. Four documents
have now been made into two – the Loan
Estimate and Closing Disclosure. The forms
mirror each other at application and closing,
so your clients can easily compare and
address changes. Also, less information is
required on loan applications.
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363
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7. Loan Application
No “catch all” item!
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Under the new TILA-RESPA ruling, a loan application is
defined as the collection of these 6 items: 1) borrower’s
name, 2) borrower’s social security number, 3) borrower
income, 4) property address, 5) estimate of property
value, and 6) mortgage loan amount. The “catch all”
seventh item is no longer required to complete the
mortgage application.
NAME SSN INCOME
ADDRESS VALUE AMOUNT
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

8. Loan Estimate
Two forms become one, simple!
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Good Faith Estimates and Truth in Lending Disclosures
forms will be combined into a new three (3) page form,
the Loan Estimate or “LE”. Loan Estimates must be
delivered to the borrower within three (3) business days
of taking a loan application. The purpose of the LE is to
provide borrowers with the lender’s costs as accurately
as possible.
GFE LOAN ESTIMATETIL+ =
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

9. Closing Disclosure
Just an integrated form!
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Another major form integration replaces the HUD-1
Settlement Statement and final TIL disclosure with the
Closing Disclosure or “CD”. The new five (5) page CD must
be delivered to the borrower at least three (3) business
days prior to closing. The days of the one-day delivery
requirement for the HUD-1 are behind us. Changes in the
loan terms could trigger an additional three-day waiting
period, even with the “bona fide financial emergency”
exception.
HUD-1 CLOSING DISCLOSUREFINAL TIL+ =
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

10. 3 Day Disclosures
What 3 Day Disclosures means for you and your clients
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Lenders will responsible for delivering the Closing Disclosure to clients
at least three business days prior to closing. This ensures that clients
have enough time to review the terms of the loan before they get to the
closing table. The Closing Disclosure will mirror the information
contained on the Loan Estimate so it’s easy for clients to compare any
changes.
Last minute changes that alter the loan terms will be difficult as they
may trigger a new 3-day waiting period. These major changes include an
increase of the APR, the addition of a prepayment penalty or changes in
the loan product. There is flexibility with small, typical changes of the
purchase transaction such as problems discovered on walk-throughs.
These changes will simply require an updated disclosure.
TIMELINE
The timely delivery of new forms
and documents will be critical to
ensure that your closings go
smoothly. A timeline of the new
closing process is shown on the
following page.
CALENDAR
A calendar is helpful to track your
timeline to closing. See our
calendar to be sure you are on
track with the 3 day disclosure
rule.
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

11. New Lending Disclosure Timeline
Follow this timeline for smooth and on-time closings!
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LOAN
ESTIMATE
Application & Loan Estimate
After submitting an application, the
lender with prepare and deliver an
initial Loan Estimate within 3 days.
Client’s Intent to Proceed
Client must display intent to
proceed.
Review and Signing
Closing Disclosure
Clients will review CD for
changes when received
and sign at closing table.
Meet with Personal Loan Consultant
Discuss loan options that best fit
your client’s needs.
Closing Disclosure
CD must be delivered to the
borrower at least three (3)
business days prior to closing.
CLOSING
DISCLOSURE
3 Business Days
CLOSING
CLOSING
HOME SWEET HOME!
On-time closing for
your client.
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

12. Three-Day Closing Disclosure Rule
WednesdayMonday Tuesday Thursday Friday Saturday
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For Closing on
And the CD
mailed on the
Disclosure is due
on the
Previous
Saturday
Previous
Thursday
Previous
Friday
Previous
Monday
Previous
Tuesday
Previous
Wednesday
Previous
Wednesday
Previous
Monday
Previous
Tuesday
Previous
Thursday
Previous
Friday
Previous
Saturday
NOTE: If a federal holiday falls in the 3 day period, an additional day will be taken for CD delivery.
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363

13. What does TRID mean for your clients?
Realtors and lenders are often at the center at the closing table. Familiarize yourself with the
new practices so you can provide the best experience for your clients.
Open the Lines of Communication
Open the lines of communication between you, your clients and the
lender. Avoid last minute changes by keeping your client informed
every step of the way. If anything does happen to change the
transaction, be sure to communicate and confirm those changes with
all parties.
Build the Dream Team
Build your dream team of people you can rely on to provide
complete and accurate information for your clients. Any
hiccup in sharing information will slow down your process
significantly. The lender you choose will be the answer to
keeping you on your timeline and closing quick.
Understand the Changes
Get familiar with the new disclosure documents. Four
disclosures have now been integrated into two documents to
improve compliance and help borrowers understand their loans.
Create A Timeline
Realtors should develop new timelines and practices to
adhere to these changes. Aim to prepare documents 7
days prior to closing so your clients have enough time to
review the loan and make changes if needed. Consider
doing two walk-throughs with your clients.
New America Financial Corporation | Mortgage Lender License NMLS #183215 | 2273 Research Blvd., Ste 700 | Rockville, MD 20850 | Toll Free: 1-800-531-5363
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