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



FB
Real Estate Title Company in Gaithersburg, MD
https://www.villagesettlements.com/wp-content/themes/modernize/images/default-logo.png
+1-301-590-9300
+1-301-590-1166
177 Kentlands Blvd.
Gaithersburg
MD
20878
USA