Posted By: EuphegeniaDoubtfire

RESPA/TILA/TRID - 09/25/18 06:08 PM

Hi everyone,
I am new to BOL and fairly new to auditing as well. I am to do a RESPA/TILA/TRID audit, and have not a clue where to start. I have been reading up on these, and I'm afraid I can't quite differentiate. Can someone explain to me the difference between each and what loans apply? Any help is appreciated!
Thank you,
Posted By: Adam Witmer

Re: RESPA/TILA/TRID - 09/25/18 06:25 PM

Welcome to BOL, Jazzy... and better yet, welcome to RESPA/TILA/TRID! wink

This is a really big question, and a tough one at that. Without knowing your full scope and what else may have been planned for this review, I would think that starting with consumer mortgages would be a great place to start. There are plenty of other things besides mortgage discclosures in those rules, but I would start here first and then dig into other high-risk areas later.

To conduct your review, there are a few resources that might help you (besides BOL of course!):

-The CFPB has a fairly good resource page for learning TRID rules:
- For Reg Z, you could start with the CFPB exam manual, but there is a ton of information in there:
-For RESPA, the CFPB also has an exam manual:

Another thing you might consider is attending some sort of training. I know that John Burnett (a BOL guru) conducted two webinars here on BOL on both the Loan Estimate and the Closing Disclosure.
The LE webinar can be found here:
The CD webinar can be found here:
Posted By: EuphegeniaDoubtfire

Re: RESPA/TILA/TRID - 09/27/18 07:58 PM

Thank you, Adam! This is quite intimidating for me and I'm sure your information will help greatly.
Posted By: Andy_Z

Re: RESPA/TILA/TRID - 09/28/18 09:39 PM

Your examiners make their workpapers available online. These generally have introductory information about the requirements, then the workpapers. Looking at these will be helpful but you'll also need to understand the scope of your audit first as RESPA and TRID are real estate but TILA is RE and non-RE loans. My point is, you need to understand what parts you're auditing.

We also often break these down. "How do you eat an elephant?"
"One bite at a time."

Decide if you're looking at consumer loans (unsecured, autos, etc.) and escrow statements as two examples. Narrowing the scope helps complete the audit timely and helps those who review them and have to correct them. Looking at prior audits (internal, external and examiners ROE) may also help.

It's a big world when you get into this. Good luck.
Posted By: EuphegeniaDoubtfire

Re: RESPA/TILA/TRID - 10/01/18 06:44 PM

Thank you Andy! I do not have prior internal auditor workpapers for any of these topics to review, but I will look into getting my hands on the external ones. I think I need to have a chit chat with my boss and clear up some of these questions you all helped me come up with!
Thanks again! smile
Posted By: David Dickinson

Re: RESPA/TILA/TRID - 10/02/18 01:31 PM

If you go to our website you'll see a link at the top entitled "Free Downloads". Click that and it will open our store, but only to our free resources. You'll need to register (simply give us your contact info) and then you can help yourself to lots of tools that I believe will be valuable.The Lending Tools "box" has lots of TRID resources.