New TRID language
As of October 3rd, many new terms will be introduced to our industry. Here are a few terms that you will need to know:
ICD – Integrated Closing Disclosure, *same thing as CD or Closing Disclosure
IMD – Integrated Mortgage Disclosure
LE – Loan Estimate Loan Application – The submission of a consumer’s financial information for the purposes of obtaining an extension of credit, and consists of the submission of the consumer’s name; the consumer’s income; the consumer’s social security number to obtain a credit report; the property address; an estimate of the value of the property; and the mortgage loan amount sought.
Loan EsOmate “New” – Replaces the current Good Faith EsOmate (GFE) and iniOal Truth in Lending (TIL)
MIC # – Mortgage Insurance Case Number
MISMO – Mortgage Industry Standards Maintenance Organization. Sets standards of how to format data sent to another party for both residential and commercial property transactions in US Markets. By providing improved data consistency,
MISMO aims to reduce costs and increase transparency while promoting confidence in mortgages as an asset class for investors.
MISMO Compliant – SoOware vendor developed platform using the MISMO data format standards to send data to other parties.
NMLSR ID – Nationwide Mortgage Licensing System and Registry Identification Number
OMB – Office of Management and Budget
Prepaids – Items to be paid by the Consumer in advance of the first scheduled payment of the loan (Homeowner’s Insurance Premium, Mortgage Insurance Premium, Prepaid Interest, Property Taxes and a maximum of three additional items).
RESPA – Real Estate Settlement Procedures Act
TIL – Truth in Lending
TILA – Truth in Lending Act
TIP – Total Interest Percentage; the total amount of interest the borrower will pay over the loan term as a percentage of the loan amount.
Total of Payments – Total amount paid after all payments of principal, interest, mortgage insurance and loan costs as scheduled.
TRID – TILA RESPA Integrated Disclosure Variations – Previously known as Tolerances
Written List of Providers – A written list of service providers provided to the consumer by the Creditor or Mortgage Broker for a settlement service provider that the consumer is permitted to shop for.