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- TRI - The New Forms
TRID Is Here
Many changes came into effect for the real estate industry in 2015 with TRID going into effect on October 3rd of that year. Perhaps the biggest visible change was the required usage of new disclosures at most residential real estate closings. There is much information available about the rule and the new forms on the CFPB website. There you will find filled-in samples as well as blank samples of the Closing Disclosure and Loan Estimate forms. These forms replaced the Initial and Final Truth in Lending Disclosure, Good Faith Estimate, the HUD-1 Settlement Statement forms that were previously used in most transactions. The consolidation of the historically used forms was intended to help both buyers and sellers to understand the process, what it entails and what it means, more thoroughly.
About TheTRID Forms
Know Before You Owe
To help consumers understand the ins and outs of the often complex process of buying or selling residential real estate, the CFPB has developed a section of their website called Know Before You Owe. Here can be found many resources for consumers.
Old Vs. New: Disclosure Forms Compared
The CFPB website has a thorough comparison of the closing and disclosure forms that went into effect in the fall of 2015 and the ones previously used. Here you can see the comparison.
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