Oak Tree was just featured in CU Times with an article that touches on TRID and what it means for consumer real estate loan disclosure forms. For example, consumers in the past were provided with two separate forms that were required by the federal Truth in Lending Act, and the Real Estate Settlement Procedures Act. This caused some confusion when it came to content since the different disclosures were regulated by different agencies but now with TRID, the disclosures are being combined.
Here is an excerpt from the article:
The end result of the consolidation process is two disclosures that have been designed, developed and tested so that they are easy for consumers to understand. Only information that is relevant to the consumer’s loan is allowed to appear on the forms. The blizzard of checkboxes and grids of settlement costs on the old forms have been replaced by succinct reader-friendly sections that convey only the relevant information.
Check out the full article over at Credit Union Times Here.
Oak Tree has over 35 years of experience with credit union forms and disclosures and can help you with all your compliance needs. Visit our products and services page for more information.