Closing Disclosure: Deep Dive - Pages One and Two

 Commentary & Analysis


White Paper -  Article

July 20, 2015





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You may be interested in reading my recently published article, entitled Closing Disclosure: Deep Dive - Pages One and Two.

This is the fourth article of a six-part series devoted to TILA/RESPA Integration Disclosure.

Although the series, structured as White Papers, was initially established with four parts, I have added a fifth and sixth part to discuss additional features of the Closing Disclosure.

In this article, I will take you through a review of Page One and Page Two of the Closing Disclosure. 

In the fifth part, I will discuss Page Three. The sixth and final part of the series will provide an outline of Page Four and Page Five. Through a review of important highlights, I invite you to join me in a deep dive into the intricate features of the Closing Disclosure.

In the first article, I discussed the mission of TILA-RESPA Integration and the Loan Estimate (LE). The second article introduced and treated the numerous features of the Closing Disclosure (CD). In the third article, I provided the salient features of the Loan Estimate, in considerable detail. The first two articles were accompanied by detailed tables to be used for certain itemized categories and action requirements.

I would suggest that you read all the articles in this series in order to better understand the TILA-RESPA Integration Disclosure (TRID) rule promulgated by the Consumer Financial Protection Bureau (CFPB). The series is available in our  Library .

The article is published in the June 2015 edition of  National Mortgage Professional Magazine . A   Free Subscription   is available to our subscribers.

I hope you find this White Paper informative!

President and Managing Director   
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One of the reasons I have written this series is to cut through the information noise. My concern stems from the nearly profiteering stance of the flourishing punditry to opine on TRID. This approach to learning seems to have become the norm recently at conferences, conventions, webinars, seminars, lectures, and pricey city-to-city forums. Indeed, also, people with no real experience in directing regulatory compliance, though having some training background, seem to hang out their TRID webinar shingle. I view the latter as but shills for generating leads for their affiliated pundits.


I happen to think that TRID is too important, being a generational change in disclosure, to hog the helpful information about TRID by charging a fee just so somebody could attend and possibly learn something about it. 


With that in mind, my firm recently established two proactive paths to a TRID knowledgebase:


  1. We established the TEAM TRID™ task force, a relatively inexpensive, cost-effective way to get TRID integration implementation done efficiently (viz.,; and importantly
  2. We established, an entirely free online service, manned by our task force, to assist people with their questions about TRID. We want to listen to their compliance needs (viz.,

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In focusing on the Closing Disclosure, I will offer a perspective of its pertinent and critical highlights. As I have stated throughout this series, I caution you to realize that this review is not exhaustive or comprehensive, given that the TRID rule contains very complex disclosure requirements, and there are on-going updates and interpretations involving its implementation, some of which are borne of the CFPB's own issuances as well as the areas that may be subject to litigation. 

Lenders Compliance Group of Companies are the first mortgage risk management firms in the United States that provide professional guidance and support to financial institutions in all areas of residential mortgage compliance, including the following: Mortgage Acts & Practices ● Legal and Regulatory Compliance ● Forensic Mortgage Audits ● HUD Exam Readiness ● Licensing Compliance ● HMDA/CRA ● Information Technology & Security ● Portfolio Risk Management ● Quality Control Audits ● Prefunding Audits ● Retail, Wholesale, and Correspondent Platforms ● Broker and TPO Compliance ● Investor and Servicer Compliance ● Loss Mitigation Strategies ● Marketing Compliance ● Due Diligence ● Credit Risk Management ● Loan Analytics Audits ● Compliance Audits ● Banking Exam Readiness ● GSE Applications ● Ginnie Mae Applications ● Training & Education ● CFPB Exam Readiness ● Anti-Money Laundering Program Compliance ● TPO Approvals ● Vendor & Closing Agent Approvals. 


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