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TRID Regulations
TRID Regulations begin Saturday, October 3, 2015, but KHC's Loan Reservation System will not open until 10 a.m. ET, on Monday, October 5, 2015.
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KHC's TPO Lender TRID Guidelines and Workflow
Kentucky Housing Corporation (KHC) has posted the TPO Lender TRID Workflow PowerPoint on KHC's website, Lender Resources, Training, as well as FAQs from attendees. These FAQs will be updated as we learn more.
This PowerPoint covers the newly-approved TPO TRID closing agents, steps to obtain the required Loan Estimate for KHC first and DAP mortgages, workflow for changes of circumstance, and steps for scheduling closing once loan is approved, including TRID timelines. It is imperative that TPOs review the workflow prior to reserving a new loan on or after Saturday, October 3, 2015.
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TPO Lenders--TRID Updates
The following will begin, effective with the new TRID regulation on Saturday, October 3, 2015:
- TPO lenders MUST obtain the Loan Estimates for KHC first-mortgage and DAP loan through the KHC Loan Reservation System.
- TPO lenders will be required to use one of KHC's newly-approved TPO TRID closing agents.
- The Closing Agent Manual is available on KHC's website, under Lenders, Lender Resources, Third Party Originator (TPO). KHC's Program Guides reflect all changes listed above and are available on KHC's website, under Lenders.
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Delegated and Correspondent--TRID Updates
The following will begin, effective with the new TRID regulations on Saturday, October 3, 2015:
- KHC delegated and correspondents lenders may generate the DAP Loan Estimate and DAP Closing Disclosure through KHC's Loan Reservation System or from their own loan origination system. Regardless, the lender is responsible for printing and delivering the DAP disclosures to their applicant.
- KHC has posted a TRID User Guide for generating DAP Loan Estimate, available on KHC's website, under Lenders, Lender Resources, Training.
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