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2015 TRID Implementation
2015 TRID Implementation CFPB rules passed in 2013 take effect this year.
August 1, 2015 is the date the changes take effect.
Anyone not using the new forms after August 1 faces compliance violations, fines, and penalties.
What Is Changing?
‣ 4 Pieces of Real Estate Closing Documentation:
‣ The Early TIL and Good Faith Estimate Forms are consolidated into the new Loan Estimate (LE) Form.
‣ The Final TIL Statement and HUD-1 Settlement Statement are consolidated into the Closing Disclosure (CD) Form.
Additional Changes Timing Requirements
Records Retention
Definition of Application
Changes in Variances
Itemization of Charges
Disclosure of Broker Compensation and Discount Points
Who Does This Effect?‣ Anyone who handles, facilitates, or processes
real estate transactions including:
‣ Lenders
‣ Real Estate Attorneys
‣ Real Estate Brokers
‣ Settlement Agents
‣ Title Companies
Risks & Penalties Of Non-Compliance Rejection of mortgage application by the lender.
Statutory Penalties of up to $4,000.
First, Second, and Third Tier Civil Penalties ranging from $5,000 to $1 Million per day, per violation.
Borrower Remediation.
Compliance Requires Precision Unprecedented level of precision will now be
required for compliance.
No margin for error in estimating fees.
No margin for errors in collecting and providing information to consumers.
No margin for errors in submitting data to the lender.
Manual Processes Will Not Work Manual and PDF forms will not work with the new
forms.
The risks of human error are too great.
A new way of doing business is required.
The Time For Technology Is Now Technological solutions streamline processes,
improve accuracy, reduce errors, and speed up closing transactions.
Electronic submission reduces lag time and facilitates compliance with timing requirements.
Software is less expensive than adding new data entry staff.
Compliance Made Easy Easy Soft has software that is 100% compliant with
TRID.
EasyCDF automates the real estate closing process and improves productivity, reducing closing time by as much as 80%.
Built-in safeguards ensure data accuracy.
Cloud and Desktop versions available.
EasyCDF Save Time
Improve Productivity
Eliminate Errors
Always Be Compliant
Reserve Easy CDF Today Contact Easy Soft at 1-800-905-7638 or
Pre-order Easy CDF for delivery in June.
Rest easy knowing you’re in full compliance on August 1.
