About Union
About Union

Mortgage loan paperwork is about to get easier!

When you apply for a mortgage loan, there are several forms that you must complete, documents to provide, and questions around the process in general. Fortunately at Union, your loan representative can make it a bit easier to navigate the paperwork and process. Your Union representative will use your credit, financial, and employment information to see if you qualify for a mortgage, and then come up with mortgage financing options that match your financial capacity.

Over the past 30+ years, consumers have struggled to understand the jargon and calculations within some disclosures provided to applicants when applying for a mortgage. A new rule was created by the Dodd-Frank Act that directed the Consumer Financial Protection Bureau (CFPB) work with the mortgage industry to simplify the paperwork and content for better consumer understanding. The result is the integration of several disclosures into two forms called TRID.

What is TRID?

TILA-RESPA Integrated Disclosures (TRID) rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms: a Loan Estimate and a Closing Disclosure. The rule affects real estate loan applications submitted on or after October 3, 2015.

  1. The Loan Estimate replaces the initial Truth-in-Lending disclosure & Good Faith Estimate for most closed-end mortgage loans
  2. The Closing Disclosure replaces the final Truth-in-Lending disclosure & HUD-1 Settlement Statement for most closed-end mortgage loans

What types of real estate loans are affected?

  1. Residential Mortgage Loans
  2. Home Equity Loans
  3. Construction Only Loans
  4. Land Only Loans
  5. Loans secured by 25+ acres
  6. Bridge/Temporary Loans

What types of real estate loans are not affected?

  1. Home Equity Lines of Credit (HELOC)
  2. Dwelling-secured loans without land (Mobile homes)

Union Bank & Trust
Mailing Address:
P.O. Box 940
Ruther Glen, VA 22546