by closingexpress | Oct 16, 2019 | TRID
Yes, within defined limits. Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their written list. In addition, prepaid interest, property insurance premiums and escrow or reserve deposits...
by closingexpress | Oct 16, 2019 | TRID
The Loan Estimate documents the essential facts and terms of an approved real estate loan. It includes: loan terms projected payments and loan costs cash and costs at closing time the services for which you CAN and CANNOT shop in relation to the loan summary...
by closingexpress | Oct 16, 2019 | TRID
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 interest...
by closingexpress | Oct 16, 2019 | TRID
“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...
by closingexpress | Oct 16, 2019 | TRID
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...
by closingexpress | Oct 16, 2019 | TRID
In addition to the required pieces: Name Income Social Security Number Property Address Estimated Property Value Mortgage Amount Sought a creditor may collect whatever additional information they deem necessary. However, as soon as you have provided the 6 required...
by closingexpress | Oct 16, 2019 | TRID
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 form; a...
by closingexpress | Oct 16, 2019 | TRID
Creditors must continue to use the Good Faith Estimate, Truth-In-Lending Disclosure and the HUD-1 form for reverse mortgages, HELOCs, mobile home or other non-attached dwelling loans and others NOT covered by TRID. Housing assistance loans for low- and moderate-income...
by closingexpress | Oct 16, 2019 | TRID
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 Equity...
by closingexpress | Oct 16, 2019 | TRID
Federal “disclosure” forms define the information that creditor businesses MUST provide to consumers applying for real estate loans. As of Oct 1, 2015 lenders must provide TWO New “TRID” disclosure forms. for the most common kinds of real...
