Fixing Trid Errors: What an Institution Can Do To Correct Mistakes

Date Recorded: January 23, 2025
Presented by: Mark Burnside, CRCM, Director, Forvis Mazars, LLP.

A two-hour webinar on the rule’s requirements, how you can get things wrong, and whether you can do anything about it.

Although financial institutions may be accustomed to the Truth-in-Lending/RESPA Integrated Disclosures (TRID) requirements, we still can struggle with the complexity of the rule – the timing, understanding when and how to revise, how to approach rising closing costs, and the disclosures themselves. Unfortunately, someone is going to make a mistake at some point or something is going to fall through the cracks.

A creditor making a mistake is one thing; That a creditor, as it goes through the application process, comes to learn of information that is different than it had understood before, is different. The rules recognize this, and, accordingly, the requirements vary. That is, when a creditor makes a mistake may be a violation, but when a creditor realizes information is different is not. It is crucial to understand this distinction and the resulting consequences.

This webinar will review the basic Loan Estimate and Closing Disclosure rules and what are, and are not, violations of the rules. We’ll discuss the potential consequences to violations and whether we can do anything about it.

HERE IS WHAT YOU WILL LEARN:

• What happens if we don’t provide the disclosures on time
• Correcting incorrect disclosures
• When and how we can fix them
• Changed circumstances and tolerance violations
• Changes to the Closing Disclosure before and after closing