How does TRID affect Manufactured / Mobile Home Loans?

Initially scheduled to be implemented on August 1st, TRID was officially “rolled out” on October 3rd, 2015. TRID stands for TILA RESPA Integrated Disclosures where TILA is an acronym for “Truth in Lending Act” and RESPA stands for “Real Estate Settlement Procedures Act”. This latest change in the Mortgage Industry is the result of an ongoing campaign by the Consumer Financial Protection Bureau (CFPB) to simplify / clarify the Documents utilized in disclosing Loan information. The “Loan Estimate” form replaces the long utilized Good Faith Estimate (GFE) as well as the Truth in Lending form. The objective is to make the Terms of a Home Loan as clear and easy to understand as possible so that Borrower’s are able to, as the CFPB emphasizes, “know before you owe”. In addition to clarifying the Loan Terms, the new Forms also have updated disclosure periods which require that the “Closing Statement”, which replaces another previous form called the Estimated HUD, be provided to Borrower’s three days before they sign their final Loan Documents…rather that than the “24 hours in advance” that was required for the Estimated HUD. Like so many other changes that have come about since the “Economic Melt Down” of 2008 (i.e the “re-vamped’ GFE”, the “Qualified Mortgage” and “Ability to Repay”), there seems to be a lot of “quiet uproar” and “possible misinterpretation” surrounding these changes. In reality, if a Mortgage Company has been properly / accurately disclosing their Clients, then TRID will really be little more than a change of the Forms being utilized to do so. Ultimately, the most important outcome of TRID will be that Loan Terms will be easier to decipher for Borrowers, which can only help to bolster the Mortgage Industry and contribute to the overall Financial recovery of the Country.