Now is the time to get ready for the new Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosures (TRID). The new rules apply to any residential loan application received by a Lender on or after October 1, 2015 (under current proposals). There are a few important new terms that will replace some of the old terms that you are used to:
Lender=Creditor
Borrower=Consumer
Settlement Date=Date of Consummation, which is the date when the consumer becomes liable on the loan.
Truth in Lending and Good Faith Estimate=Loan Estimate
HUD-1 Settlement Statement and Final Truth in Lending=Closing Disclosure
