TILA/RESPA Mortgage Changes are Coming

If you’re applying for a mortgage on or after October 1, 2015, the new TILA/RESPA Integrated Disclosure will affect your mortgage application process. TILA/RESPA stands for the “Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Mortgage Disclosures.” You may also see the acronym TRID refer to this as well. TILA/RESPA will be a significant change for anyone accustomed to the old mortgage application process. The new mortgage application process will replace the old Truth-In-Lending Disclosure and HUD-1 settlement statements with Closing Disclosure and new settlement statement forms. So if you’re going to be applying for a mortgage to finance a new home purchase after October 1, you’ll need to understand how TILA/RESPA will work. And if you’re a Realtor or other real estate professional, it’s even more crucial that you take the time to learn how TILA/RESPA will affect the mortgage application process. If you’re looking for more information, I’ll be participating in a Twitter chat about TILA/RESPA in partnership with the National Association of Realtors this Thursday, June 25 at 12 p.m. ET. Tweet your questions using #TRIDchat. Be sure subscribe to my YouTube channel for the latest real estate tips and news: http://www.youtube.com/subscription_center?add_user=expertrealestatetips And for more of my real estate and personal finance tips: Read my blog: http://thinkglink.com See my tweets: http://www.twitter.com/glink Follow me on Facebook: http://www.facebook.com/ilyceglink