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New Loan Estimate and Closing Disclosure Forms

Now is the time to get ready for the new Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosures (TRID). The new rules apply to any residential loan application received by a Lender on or after October 1, 2015 (under current proposals). There are a few important new terms that will replace some of the old terms that you are used to:

  • Lender = Creditor
  • Borrower = Consumer
  • Settlement Date = Date of Consummation, which is the date when the consumer becomes liable on the loan.
  • Truth in Lending and Good Faith Estimate = Loan Estimate
  • HUD-1 Settlement Statement and Final Truth in Lending = Closing Disclosure
Sample Loan Estimate Closing Disclosure Three Day Disclosure Chart Disclosure Timeline Consumer Financial Protection Bureau (CFPB) Resources
Important Closing Disclosure Information
Know before you Owe: Loan Estimate
Know before you Owe: Closing Disclosure