TIL-RESPA Integrated Disclosure Policy and Procedure
Effective 10/3/2015, the combined disclosure rule requires the consolidation of Truth-in-Lending and Real Estate Settlement Procedures Act requirements for content and timing. This primarily means that the most rigorous elements of both rules now apply to one process. Timing and content must be set forth in any standard process, but more critically, the rule sets forth specific deadlines for curing errors. This makes the audit process critical for ensuring compliance.
TRID did not eliminate GFE and TIL. GFE, TIL and HUD-1 still exist for HELOCs, HECMS, mobile homes and lot loans. Our process has a decision tree to determine which set applies."
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