Top 10 Things To Ask Your Lenders About The TILA-RESPA Integrated Disclosures (TRID)

Are you preparing and delivering the Closing Disclosure (CD) to the borrower/consumer?

  • How are you delivering the CD to the consumer?

  • When and how do you deliver the CD to the settlement agent and other parties (e.g. mortgage broker)>

Are you preparing the CD?

What is the process? 

What is your process to send the completed CD to the closing/escrow company for approval before delivery to the consumer?

Sending data?

How should we send information (data and documents) back and forth?

How should we communicate?

How can I help you communicate with other parties involved in the transaction (real estate agents, mortgage brokers, sellers, buyers)?

How do you process changes?

How do you process changes to the CD after delivery to the borrower/consumer prior to consummation, at consummation, and after consummation? 

Where should we send information?

If you are preparing the CD, when do you require me (the settlement agent) to send you the information needed to prepare the CD? How do you want to communicate?

When will you send documents?

When will the closing/escrow company receive documents and your instructions for the closing?

What are the procedures?

What are your funding procedures?

Will the closing statement be returned?

Whether we use the ALTA Settlement (ALTA SS) or a state-mandated disclosure statement or other form of closing statement to accurately disclose the title premiums, will you require a copy be returned with the loan package after closing?