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TILA-RESPA Integrated Disclosure Rule (TRID)
The TRID Guidelines went into effect in 2015 and, even today, the kinks are still being worked out. Any time you have a major overhaul of longstanding compliance requirements, there is typically a huge learning curve for financial institutions and regulators. TRID is no different.
TRID underwent its first major change in 2017, in what we like to call TRID 2.0. Compliance with TRID 2.0 was mandatory on October 1, 2018. It implemented many amendments and also clarified some of the more confusing areas of TRID. Some of the most notable changes/clarifications in TRID 2.0 pertained to the disclosure requirements for construction loans and what “in good faith” really means. A Final Rule was also issued in 2018 to address when a Closing Disclosure can be used to reset tolerances. In addition to formal regulatory changes, the Consumer Financial Protection Bureau (CFPB) has issued Small Entity Compliance Guides, FAQs, and additional resources to assist financial institutions in their compliance efforts.
TRID compliance is not easy. The forms themselves can be quite cumbersome to complete; there are a variety of different timing requirements that must be met; file documentation is often a must to help show what you did and why; and accuracy is essential throughout the process to ensure tolerances aren’t exceeded, etc. Not only that, but financial institutions also have to contend with software issues and changes, third-party service providers (title companies, etc.), limited regulatory guidance on certain topics, etc. Not every loan is the same, and it seems that TRID issues can pop up at any time.
TRID Training Resources
We are in the business of educating bankers and quality training is our top priority. Our goal is to see you and your financial institution succeed! You can be assured that everything we do, from in-person training and webinars to our magazine and blog, is done in our signature, plain English style.
There is no one-size-fits-all approach to a financial institution’s training needs. That said we do recommend some variety in the methods you choose. Variety will not only help your budget but will also give you different viewpoints. Maybe you attend an in-person conference every few years and then fill in any gaps with webinars. Maybe you follow our blog to monitor major regulatory developments and look to our magazine for more in-depth analysis. The point is, you can tailor training to your wants and needs.
In-Person Training
In-person Regulation E training is as good as it gets. The benefits of face-to-face training vs. other mediums are immeasurable. Face-to-face communication not only allows you to “hear” the material but also “see” it and “feel” it. The personal interaction with the presenters and other attendees/co-workers will stay with you long after the training ends. Another perk of in-person/on-site training is that it can be customized to your specific wants and needs.
Webinars
If you prefer a little more flexibility as to when and where you receive training, our webinars are a great solution. We have webinars devoted to specific TRID topics that you can choose from. The shortened format of a webinar (1-2 hours) really allows us to go in-depth with a laser-like focus on specific areas of the TRID requirements. For example, if your lenders are struggling with completing the Loan Estimate and Closing Disclosure, we have webinars devoted only to form completion. If you want to learn about changed circumstances, construction loans, or even what to look for when auditing a TRID file, we have webinars that will get you on the right track.
Virtual Conferences
Our Virtual Conferences are a great way to stay current with regulatory compliance issues. We offer a two-day Virtual Lending Compliance Conference.
Consulting
Find out how we can best serve you and your team. It may be the ability to call our experts when your team has a question or to bring our team in for a review. Find your consulting options here.
Reviews
Banker’s Compliance Consulting offers many options for risk-based compliance reviews to assess the effectiveness of your compliance policies, procedures, and processes.
Banking on BBC Magazine
Our Banking on BCC Magazine is a must for any compliance professional. This monthly, subscription-based, electronic magazine is full of valuable compliance information. We cover a variety of lending, deposit, and BSA compliance topics, from recent developments to highlighting areas that have maybe fallen off your radar. Each month, in addition to great articles, we feature a Q & A Corner, highlighting a few compliance questions we’ve recently received. Regular features such as Field Notes, BSA Bits & Pieces, Management Minute and Training Spotlight are included.
Monthly Connection
The Monthly Connection is yet another way to stay up-to-date on issues related to TRID and interact with your peers in the compliance industry. While we talk about a wide variety of topics each month, there is ample time to ask questions of our experts and your peers. We like to say, “Compliance is not competitive” and our Monthly Connection is a way for compliance professionals to help other compliance professionals.
Blogs
Our blog is a great way to say up to date with regulatory developments and topics. If the regulators issue a Final Rule affecting TRID, our blog is the first place you will hear from us. The blog acts as a great supplement to more formal methods of training and better yet, it’s FREE!
Free TRID Resources
Our free resources are a treasure trove of helpful information. We have many free tools and resources designed with the intent of helping you comply with the TRID requirements.