TRID - how does it affect your closing on your home?

Loan Estimate: 3 Days after application, 7+ Days before Closing
Lists estimated loan costs and terms. Saturdays do NOT count.

*If Required* Revised Loan Estimate: 1+ Days before Closing Disclosure, 4+ Days before Closing
Details any revised loan costs and terms if there is a significant change. Saturdays do NOT count.

Closing Disclosure: 3+ Days before Closing
Confirms final loan costs and terms. Saturdays DO count.

Examples of significant changes that could trigger a Revised Loan Estimate include (but are not limited to) setting the rate lock or making any change to the loan type or loan amount.

These disclosures and their required timing exist for your clients' protection. We assure you we will do what we can to get your clients to the closing table on time. If you have questions about the forms or the timetable, please ask. I am here to help.

 

David Sharp
MiMutual Mortgage
Loan Officer
NMLS# 280482
(314) 862-0123 x 4360
dsharp@mimutual.com

www.mimutual.info/dsharp

Changes to HUD - what it means for closings

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.