TRID Mortgage Insurance MISMO Wisconsin Credit Repair Nerds

TRID the TILA - RESPA Integrated Disclosure is to be implemented as of August 1, 2015.  This is the Truth in Lending Act- Real Estate Settlement Procedures Act an Integrated Disclosure Rule.  TRID defines the process for timing of disclosures for a Real Estate purchase transaction.

MISMO (3.3) is the Mortgage Industry Standards Maintenance Organization.  MISMO is a non-profit operation of the Mortgage Bankers Association.  MISMO develops technological standards for residential and commercial property transactions in the United States Real Estate market.  The focus of this organization is to save industry participants money while presenting mortgages as an asset worthy of investment. 

With the implementation of TRID a lender will have significantly higher liability for the timing, completeness, and accuracy of the loan estimate and closing disclosure.  We can expect Mortgage Insurance companies to be much more thorough performing their compliance reviews which means refusing to insure loans with identified TRID defects.

TRID requires many detailed- individual figures to be imported to the disclosure form. MISMO 3.3 is technologically designed to improve communication for lending entities working to establish TRID compliance. This is leveraging technology to help the mortgage industry keep up with complex regulations.

Credit Repair Nerds Wisconsin expects the consumer population to experience stronger informational requirements with lenders implementing activity to assure TRID compliance.


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