by ealberto | Jun 24, 2015 | 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 mail no...
by ealberto | Jun 24, 2015 | 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 ealberto | Jun 24, 2015 | 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 ealberto | Jun 24, 2015 | 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 ealberto | Jun 24, 2015 | 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 ealberto | Jun 24, 2015 | 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...
