Welcome to the Compliance Cohort. We are a group of compliance professionals working to make compliance easier. Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. We are glad you have found us and look forward to collaborating in the future.
If you haven't done so already, make sure you sign up for our free membership where you get access to many member-only videos, articles, and other resources.
Welcome to the Compliance Cohort, where we offer quite a bit free TRID training. The Compliance Cohort is an online educational site where we provide free articles and short training videos (known as Compliance Clips) on all topics of regulatory compliance - including TRID. Below, you will find a number of TRID articles and videos on a variety of TRID topics. These training videos and articles are just a few of the recent resources our (free) members have access to. When you sign up for free membership, you can easily search for all of our free training videos and articles on the “membership dashboard” page.
We have designed the Compliance Cohort as a resource for compliance professionals in banks, credit unions, mortgage companies, and any of the other trenches where compliance folks dwell. Specific to free TRID training, we offer three main things. First, our free membership includes a number of free TRID training videos. In making these quick and easy to understand videos, we have chosen to take a "virtual classroom" approach to our training where each video we publish includes both a visual of the instructor as well as slides that help lead you through the topic we are discussing. The idea is to bring the feel of a live seminar to your office or wherever you are at.
Secondly, we have written many different comprehensive articles that go into great detail on some of the specific requirements of the integrated disclosure rules (TRID). In writing these articles, we do our best to use simple to understand layman’s terms to explain some extremely complex and challenging TRID topics. Our free membership allows members to search for and view our comprehensive (and free) TRID articles.
Finally, our free membership includes links to the TRID regulations. Our Banking Regulations List and Links page directs our members to the actual rules on the integrated disclosures (i.e. Regulation Z). In addition to this, a weekly email summary of new articles and videos is sent to each free member and will generally include any new free resources we become aware of, such as free TRID training.
The following free TRID training videos and articles are just a few of those that you can access when you become a free member of the Compliance Cohort. While we have designed the below to generate just fifteen of our articles and videos that we have published on TRID, members are able to access all of our free TRID training videos and articles through their membership dashboard.
Here are just fifteen of our recent TRID training videos and articles:
In this Compliance Clip (video), Adam answers the question of whether construction-only and construction-permanent loans are covered by TRID and Regulation Z. And although the answer is obvious, Adam discusses the specific citations from the regulations and from the CFPB’s Frequently Asked Questions to further explain the answer. A transcript of this video is now available.
In this Compliance Clip (video), Adam discusses the requirements for having a signature line on the LE and CD. While many financial institutions may not have thought about whether this is required or not for some time, it might be a good idea to revisit the rules to ensure things are being done correctly.
In this Compliance Clip (video), Adam goes into a little bit of a deep dive to explain the Total of Payments disclosure on the Closing Disclosure. This a TRID and lending topic, which is especially helpful for lenders or somebody who's responsible for the loan department. A transcript of this video is now available.
In this Compliance, Adam discusses what a lender credit is for purposes of the TRID rule. In particular, Adam specifies items that are considered lender credits and gives examples of payments that not are considered a lender credit. In addition, Adam briefly describes the difference between a specific and a general lender credit. A transcript of this video is now available.
In this Compliance Clip (video), Adam talks about the loan purpose on construction loans and how it is treated on the Loan Estimate and the Closing Disclosure. Construction loans seem to be a challenge especially when it comes to loan purpose but it shouldn't be that difficult. Watch as Adam explains the TRID purpose “waterfall”.
In this Compliance Clip (video), Adam discusses how a creditor discloses lender credits if the creditor provides a credit rebate or reimbursement to offset specific closing costs charged to the consumer. This is a TRID topic.
On 6/18/2021, CFPB Acting Director, Dave Uegio, issued a statement on the impact of the new Juneteenth Holiday on residential mortgage closings. As a background, President Biden signed into law the Juneteenth National Independence Day Act on June 17, 2021, just two days before the actual new holiday of June 19, 2021. As this new holiday is a Federal Holiday, Financial Institutions immediately had concerns regarding implementation of the new Juneteenth Federal Holiday, particularly as it relates to mortgage compliance under Regulation Z and the Truth in Lending Act.
On 5/14/2021, the CFPB published a set of 5 new TRID FAQs on their website. These FAQs relate to housing assistance loans and are the first TRID FAQs to be released in nearly a year. The new TRID FAQs answer the following questions:
In this Compliance Clip (video), Adam discusses the 6 pieces of information required for an application under TRID. He explains a few nuances related to this as well as a few things to watch out for.
In this Compliance Clip (video), Adam answers a questions about disclosing a prepayment penalty on the Loan Estimate (and Closing Disclosure) when the note allows for a fee to recoup some costs if the loan is paid off with the first 36 months after consummation. While this shouldn’t be a day-to-day TRID question for any lender, this is something that should be looked at as this could be a systemic violation of Regulation Z if not disclosed properly. Click the link to watch this 5 minute video.
On 9/30/2020, the Office of the Comptroller of the Currency rescinded their “Truth in Lending Act” booklet from the Comptroller’s Handbook and instructed examiners to rely on revised interagency procedures. In their release, the OCC explains that the FFIEC has adopted revised interagency examination procedures for the Truth in Lending Act and the revised interagency procedures reflect amendments to Regulation Z published in the Federal Register through May 18, 2018.
In this Compliance Clip (video), Adam answers the question of whether a financial institution can require a customer to sign and return an LE or CD. This topic is actually based off a new TRID FAQ that was released last quarter, and will be included in our upcoming Quarterly Compliance Update.
In this Compliance Clip (video), Adam answers a question about providing the closing disclosure early in the application process. In other words, is it possible to provide the CD pretty close after the LE just to get it out to the customer and check off a box?
On April 29, 2020, the CFPB took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic. Specifically, the CFPB has issued an interpretive rule to clarify that consumers can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules. The Bureau also issued an FAQ document to address when creditors must provide appraisals or other written valuations to mortgage applicants in order to expedite access to credit for consumers affected by the COVID-19 pandemic.
Adam uses this Compliance Clip (video) to answer this question: can a lender credit change? Adam takes a pretty deep dive answering this question and gives a background of the original TRID rule, talks about TRID 2.0 and, more importantly, the brand new guidance from the CFPB regarding lender credits. This video might be a great training opportunity for your lending staff as it is a sample of what we plan to cover in our upcoming Spring 2020 Quarterly Compliance Update, where we plan to review not just this one FAQ, but all ten new TRID FAQs - so be sure to watch for that program in our store in mid-to-late April.
We understand that you found this webpage because you were looking for Free TRID training. While we hope that you will find our free TRID training resources on this site beneficial, we wanted to also provide you with a few other free TRID training resources that might be beneficial to you. Here is a list of some of our favorite free TRID training links:
