TRID has consumed much of the compliance “oxygen” during the last few years. As rules and guidance evolve, examiners look deeper into institutions’practices and procedures. Learn how to properly complete the TRID closing disclosure for a variety of loans, including single and separate closings on construction loans.
- Describe field requirements for each section of the closing disclosure (CD)
- Understand requirements for single-close, and separate construction- and permanent-phase closings for construction loans
- Review projected payment amounts and other calculations for accuracy
- Test charges subject to tolerance standards
- Identify when a corrected CD is required
Over the last few years, significant compliance efforts have been devoted to implementing TRID and ensuring timely, accurate disclosures are provided to borrowers. TRID rules are continuing to grow and evolve with recent guidance for construction loans. In addition,examiners are delving deeper into financial institutions’ disclosures and processes to ensure applicants and borrowers are provided accurate documents.
This session will review sample integrated disclosures for fixed-rate, adjustable-rate, and construction loans. While reviewing these documents, the presenter will address regulatory requirements, dive into the guidance, and review common closing disclosure errors.
Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 19 years’ experience in client service, operations, information technology,administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.