TRID introduces new terminology to the closing transaction

Do you know what a variation is?  You will starting August 1, 2015.  The final rule introduced new terminology which you can expect to see in your lenders closing instructions starting in August.  Below are some of the terms that you will see:

• Lender = “creditor”
• Borrower = “consumer”
• Tolerance = “variation”
• Closing/Settlement = “consummation”