The mortgage industry has seen substantial change over the past few years. The Consumer Financial Protection Bureau (CFPB) introduced new rules that amend existing requirements for mortgage disclosures. PrimeLending is working diligently to prepare for the August 1st implementation date and in an effort to keep our customers informed, we compiled a brief FAQ regarding the changes.
We will continue to share relevant information related to the implementation of the new rule as we get closer to August 1st.
For a list of frequently used terms within the FAQ below, click here.
What is TRID?
When does the rule go into effect?
Does the rule apply to all types of mortgages?
What is a loan estimate?