TRID Changes to Residential Mortgage Transactions

Most residential real estate transactions involving a mortgage follow TILA-RESPA Integrated Disclosure (TRID) rules — federal disclosure and timing requirements from the Consumer Financial Protection Bureau (CFPB). Buyers receive a loan estimate at application and a closing disclosure at least three business days before closing. Last-minute changes may trigger revised disclosures or waiting periods, potentially delaying closing.

Clear communication among lenders, title companies, brokers and consumers is essential. Brokers should prepare buyers for updated timelines and consider offer provisions to address potential delays. The resources below offer guidance for navigating TRID-compliant transactions smoothly.

1. Communication and timing are key.
2. Ask the lender for realistic loan commitment and closing dates.
3. Add 10-15 days to transactions; consider 60 days to close.
4. Lenders will want final numbers 10, 15 or 20 days before closing, so it’s best to try to wrap up contingencies by then.
5. Check with local lenders and title companies who will provide the closing disclosure and how will it be delivered.
6. Use the WRA's handout, "Information for Consumers about Transaction Timing and Closings" to help buyers and sellers understand TRID requirements, and use WRA Addendum TR with offers to protect the parties.
7. If the parties want to amend the offer, contact the lender to see if the amendment might impact closing dates such that the closing date should be changed in the amendment.
8. If closing is delayed, consider Addendum O to help manage the problem of parties and their belongings without a place to go.

• Information for Consumers about Transaction Timing and Closings

• April 2015 Legal Update: "RESPA/TILA Integration Overview"

• May 2015 Legal Update: "New TILA/RESPA Disclosure Forms"

• June 2015 Legal Update: "Transaction Time Frame Recalibration"

WRA-TR: Addendum TRID to the Offer

This form is available for WRA members in Transactions (zipForm Edition) and the WRA Forms Library.

• FAQs: TILA/RESPA Integrated Disclosure (TRID) Rule

• Closing Disclosure Explainer
• "Will the New Mortgage Disclosures Delay My Closing?"
• "Know Before You Owe: You’ll Get Three Days to Review Your Mortgage Closing Documents"
• Your Home Loan Toolkit
• Your Home Loan Toolkit (en Español)