As the Oct. 3 effective date for the TILA-RESPA Integrated Disclosure rule gets nearer, IAR Legal Services wants to remind you that a new Loan Estimate form will replace the initial truth-in-lending and Good Faith Estimate forms.

The new form is intended to provide consumers with a more accurate estimation of the true financing and closing costs, says Jeffrey T. Baker, Sorling Northrup Attorneys, IAR Transaction Helpline Attorney. Certain estimates on the Loan Estimate must fall within a prescribed tolerance, he says, or a refund to the consumer from the lender may be necessary.

For more information on TRID, watch this blog or go to IAR’s list of handy resources: https://staging.illinoisrealtors.org/respa.