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CFPB Issues TRID FAQs to Help Borrowers Understand the New Mortgage Process

October 7, 2015

On October 5, the CFPB posted on its blog six FAQs to assist borrowers in understanding the TRID rule and how the new process attempts to make the mortgage process easier. The post comes in light of the TRID rule becoming effective on October 3 and addresses the new required federal disclosures for most mortgages, along with lenders’ requirement to provide a Closing Disclosure at least three business days before consummation. The FAQs also clarify instances where a second three-day review period is required once a Closing Disclosure is received.