Understanding Your Loan: Closing Cost Details

  Page 2 of your Closing Disclosure details specific closing costs. Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan officers or other parties and Discount Points – prepaid interest. These figures should...

Do Creditors Have To Approve TRID Loans In 3 Days?

  If your loan is approved, on the terms you requested the creditor is required to provide a Loan Estimate within 3 business days. If they determine that your application will not or cannot be approved they do not have to provide a Loan Estimate. Likewise, if you...

What 6 Pieces of Information Make A TRID Loan Application?

  Submitting these 6 pieces of information: Name Income Social Security Number Property Address Estimated Value of Property Mortgage Loan Amount sought constitutes a valid loan application under the TRID rule. You may apply and submit these in writing OR in oral...

How Long Must Creditors Keep Real Estate Loan Records?

  Under the TRID rule, creditors must retain Escrow Cancellation and Partial Payment Policy disclosures for two years; Loan Estimate records for three years after loan consummation and Closing Disclosures for FIVE years. If a creditor sells or transfers their...

What Is A ‘Business Day’ For Real Estate Loan Disclosures?

  “Business day” is defined slightly differently for Loan Estimates and Closing Disclosures. For Loan Estimates, each day on which a creditor’s offices are open to the public count as a business day. Loan estimates must be delivered or placed in the mail no later...

What Kinds Of Loans Do TRID Disclosures Cover?

  TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans, and loans secured by vacant land or by 25 or more acres. The rule does NOT apply to Home...