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.

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