New Regulations in Truth-In-Lending & RESPA Integrated to TRID
According to the Massachusetts Association of Realtors, new federal regulations governing the closing process will take effect on October 3, 2015. The new laws will ONLY apply to closings where the loan application was made ON OR AFTER October 3rd. The new disclosure form will be available on all MassForms electronic forms platforms. The TILA-RESPA Integrated Disclosure (TRID), integrates existing disclosures with new requirements aimed at improving consumer understanding of the mortgage process.