TILA-RESPA Integrated Disclosures

The TILA-RESPA Integrated Disclosures (TRID) regulation went into effect October 3, 2015. This new regulation is the latest impact on our residential mortgage customers, partners and vendors. Many in the industry believe it will be the most drastic yet! In preparation, we created a resource page on our website to help you and your clients through the changes this new regulation will bring.

A few of the changes:

• The Good Faith Estimate and the initial Truth in Lending has been combined into a new form, the Loan Estimate
• The final Truth in Lending and HUD-1 (Settlement Statement) has been combined into another new form, the Closing Disclosure
• Many banks, including HomeTrust Bank, will be preparing their own Closing Disclosures
• The timeline for purchase transactions could be affected as bank systems and vendors work to comply with the new rule
• Changes to certain fees will no longer be tolerated and will require cures by the bank
• Delays to closings outside of acceptable Changed Circumstances will not be tolerated.

We are prepared for all the impacts the new regulation will have on our residential line of business. We ask for your help to ensure that the new regulation doesn’t impact your business and our shared customers negatively. Be sure to visit our frequently asked questions page for more information on this new regulation.