Understanding TRID
Timed Running in Dark. Truth in Research Investigator Department. Treats Really Impair Driving. I’ve spent about 10 minutes on my own trying to come up with things that TRID could stand for… personally I like the treats one. Shockingly, I was wrong on all of them (do you sense the sarcasm?). TRID stands for TILA-RESPA Integrated Disclosure… amazingly an acronym is short for a phrase that contains two acronyms. It’s no wonder that the good folks here at Stockton Mortgage created a guide that simply helps you “Understand TRID”.
TRID is in place to better help the home owner understand what it is they are getting into in hopes of minimizing defaults on loans; in fact it is sometimes referred to as the “Know Before you Owe” mortgage disclosure. TRID affects the closing documents, our guide breaks down sections of these documents (I highly recommend reading it) and the timeline for the closing to give the borrower ample time to review the documents prior to signing.
To download a copy use this link: http://info.smcapproved.com/trid-guide or feel free to call us and we will send you one; 1-888-914-2276