Buy land, they are not making it anymore – Mark Twain

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Lenders to lead the way in new closing process

Once TRID takes effect in August, everyone will answer to the lender, top bank executives say

On Aug. 1, lenders will resume responsibility for the actions of all parties at the closing table — but that doesn’t mean lenders will prepare consumer disclosures and loan documents in a vacuum.

That’s what a panel of executives from some of the nation’s largest banks told members of the American Land Title Association last month when discussing the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) rule, which will take effect Aug. 1.

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