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 loans originated after October 3, 2015 comply with new TRID guidelines.
Below are important guidelines to follow when submitting the Loan Estimate (LE) to Sun West:
- CFPB issued 2 versions of the Loan Estimate form – one each for purchase and refinance transactions. It is important to use the version applicable to the transaction you are submitting. For purchase transactions, the top of page 1 of the LE will display the field SALE PRICE. For refinance transactions, the top of page 1 of the LE will display the field EST.PROP.VALUE*
|For Purchase Loans||For Refinance Loans
*According to § 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.
- Under section A. Origination Charges, charges defined as origination charges must be disclosed. Such charges include, but are not limited to the origination fee charged in a consumer-paid transaction. Lender-paid compensation must not be disclosed under this section
- "NMLS/_LICENSE ID" fields under MORTGAGE BROKER must be listed with the correct IDs assigned by the Nationwide Mortgage Licensing System (NMLS) and NOT the state-specific business license IDs of the business.
NMLS IDs may sometimes be identical to state license IDs and such state license IDs may contain certain alphabets to make them different from NMLS IDs. For example, the NMLS ID of the broker may be 999999 while the state license ID will be CL-999999. Based on this example, the ID to be used on the Loan Estimate is “999999.” Mortgage broker and loan officer IDs can be verified at www.nmlsconsumeraccess.org
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.