What transactions still require the RESPA GFE and HUD-1 after the TRID changes?

The correct response highlights that specific transactions still necessitate the use of the RESPA Good Faith Estimate (GFE) and the HUD-1 Settlement Statement despite the implementation of the TRID regulations, which primarily applies to most residential mortgage transactions.

The reason that loans originated by lenders performing five or fewer loans annually, as well as reverse mortgages, continue to require the GFE and HUD-1 comes from their exemption from the TRID requirements. The TRID updates simplified the disclosure process for many transactions, but certain situations, particularly those related to small-scale lenders and niche products like reverse mortgages, were not included in the broader changes.

This means that these types of loans still operate under the previous rules, thereby maintaining the necessity for the GFE and HUD-1 to ensure consumers receive relevant information regarding their loan costs at different stages throughout the transaction process. This intention is to protect consumers and promote transparency, which remains paramount in these particular lending circumstances.