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:
- Options for disclosing the Loan Estimate (LE) to the borrower
- For requesting Sun West to disclose the LE, the Title Quote & Fee Worksheet must be provided at the time of the LE request
- For disclosing the LE on your own, the Title Quote supporting title charges disclosed on the LE must be provided at the time of the loan submission
Discounted Lender’s Title Policy
- The amount listed for the lender’s title policy in Section “C” of the LE must be the full,non-discounted premium. If there is a discount in the lender’s title policy due to the simultaneous purchase of an owner’s title policy, the discount must be applied to the owner’s title policy in Section “H” of the LE. Example scenario is provided below.
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
|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.