TRID & the Good Faith Standard

It is crucial that lenders understand the Good Faith Standard related to TRID disclosures (Loan Estimate and Closing Disclosure). This standard applies not only to the original disclosures you provide but also any revised disclosures. Basically, the Good Faith Standard requires that you do your homework and use the best information readily available to you at the time you produce the disclosures.

Jerod explains more in the video.


TRID Resources!

Video Highlights:

  • It’s important to understand the good faith standard and how it applies to the Loan Estimate and Closing Disclosure but also revised disclosures.
  • The good faith standard requires you to do your “homework” and ensure that the best available information is used in preparing disclosures.
  • Be aware of what you know, when you knew it, and the date any new information is obtained.

Published
2023/03/31

 
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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