Identify the unresolved (or improperly resolved) TRID violation that occurred in the case study.
Understand the Problem
The question is asking for identification of the unresolved or improperly resolved TRID (TILA-RESPA Integrated Disclosure) violation that occurred in the described scenario involving the Tran's home purchase and loan dealings. Key concepts include the discrepancies between the APRs on the Loan Estimate (LE) and the Closing Disclosure (CD), changes in loan terms from a twenty-year to a thirty-year loan, and variations in closing costs and fees.
Answer
The TRID violation was due to improperly documenting a change in circumstances.
The unresolved TRID violation in the case study involves improperly documenting a change in circumstances that affected the loan terms.
Answer for screen readers
The unresolved TRID violation in the case study involves improperly documenting a change in circumstances that affected the loan terms.
More Information
TRID violations commonly occur when lenders fail to properly document changes in borrowers' financial circumstances, affecting loan terms and disclosures.
Tips
A common mistake is failing to thoroughly document circumstances that change loan terms, which can lead to TRID compliance violations.
Sources
- Watch Out: TRID Errors - Eight Common TILA-RESPA Integrated... - crosscheckcompliance.com
- TRID aftermath: Resolving the thorny problems that remain - housingwire.com
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