Guidance and Updates on TRID Implementation
Dear Licensed Partner,
The TILA-RESPA Integrated Disclosure (TRID) Rule has been effective since October 3, 2015. To help with the transition to the new disclosure forms and better facilitate the processing of your loans, Sun West is offering some helpful tips to ensure that all loans originated after October 3, 2015 will comply with new TRID guidelines.
Below are important guidelines to follow when submitting the Loan Estimate to Sun West:
- Space reserved at the top left corner for name/logo of the lender must be blank
- LOAN ID #¬†must be blank
- EST.PROP.VALUE* must be listed for¬†all¬†refinances, including FHA Streamlines and VA IRRRLs
*According to¬†¬ß 1026.37(a)(7)(ii),¬†estimated property value may be the creditor’s estimate obtained through an appraisal or the AVM by the time of the disclosure or the borrower’s estimate of the property value at the time of the application.¬†
- Any Title charges disclosed should always be preceded by "Title‚Äď" ( e.g. "Title - Lender's Title Policy")¬†
- Labels for charges disclosed under sections B & C must be shown in alphabetical order
- Do not complete any fields under¬†LENDER¬†and only complete the fields under¬†MORTGAGE BROKER¬†at the top of the page
Sun West will continue to provide updates and tips on TRID compliance as these become available. If you have any questions regarding TRID, you may also contact our Management Hotline at¬†(844) DIAL-SWM¬†for immediate assistance.
If you have any questions, please contact your¬†Client Relations Manager¬†at¬†(855) OK-SUNWEST¬†or¬†(855) 657-8693.
|Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.