Currently, the HUD-1 Settlement Statement can be presented to the buyer on the day of closing and any changes to the statement can take place during the loan closing. Gone are the days of making last minute changes to loans.
The new TILA-RESPA Integrated Disclosure (TRID) rule establishes new forms, which are replacing the standard disclosure forms known as the Good Faith Estimate, Truth in Lending and HUD-1.
These two forms will be joined by a new three day waiting period to close, whereby all contracts and forms must be filled out and correct three days before the close date. Should an amendment or change need to be made, a new three day period kicks in further pushing back the close date.
With these new documents and rules coming soon, we at least have two months to get use to the new system and adjust our current way of thinking for closing.