Auditing TRID Loan Files
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When it comes to TRID Loans, one area that continues to cause headaches is the rate lock section of the Loan Estimate. This section requires you to disclose if there is a rate lock and when it expires.
But it goes on to state, Before closing, your interest rate, points, and lender credits can change unless you lock the interest rate. All other estimated costs expire on [date] at [time]. That last sentence, All other estimated costs expire on…, might not seem like much but is comes with a lot of rules.
Click on the video to listen to Diane explain more.
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Published
2021/01/25
Diane Dean
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!