When Do I Get My Loan Closing Disclosure?

Loan Closing

If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose ONLY the information specified by the CFPB. If terms or costs change prior to consummation the […]

Calculating Your Cash To Close

Calculating Your Cash To Close Unlimited Mortgage Lending

Page 2 of the Loan Estimate provides the current ESTIMATED cash to close. Some costs will stay the same between estimate and closing. Some will change. A – Origination Charges – should match. B – Can’t Shop – 10% Tolerance C – Can Shop – no tolerance limit, BUT IF you select a provider from […]

What’s Refunded If My Loan Is Higher Than My Estimate?

What's Refunded If My Loan Is Higher Than My Estimate? Unlimited Mortgage Lending

If the amount you pay at closing exceeds the amounts disclosed on the Loan Estimate – beyond tolerance limits for each category – the creditor must REFUND the excess to you no later than 60 calendar days after loan consummation. For charges subject to a 10% cumulative tolerance fees greater than 10% of the Loan […]

What Will The TRID Loan Estimate Tell Me?

What Will The TRID Loan Estimate Tell Me? Unlimited Mortgage Lending

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 information with which to compare this loan to others and […]

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

What Is A 'Business Day' For Real Estate Loan Disclosures? Unlimited Mortgage Lending

‘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 than the 3rd business day after receiving your loan application. For […]

Do Creditors Have To Approve TRID Loans In 3 Days?

Do Creditors Have To Approve TRID Loans In 3 Days? Unlimited Mortgage Lending

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 withdraw your loan application within that period they […]

What 6 Pieces of Information Make A TRID Loan Application?

What 6 Pieces of Information Make A TRID Loan Application? Unlimited Mortgage Lending

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 live conversation, or a phone call, backed by a written record of […]

What Disclosures Are Used For Loans Not Covered By TRID?

What Disclosures Are Used For Loans Not Covered By TRID? Unlimited Mortgage Lending

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 consumers are partially exempt from TRID disclosures, and have specific rules. Creditors are not required to […]

What Kinds Of Loans Do TRID Disclosures Cover?

What Kinds Of Loans Do TRID Disclosures Cover? Unlimited Mortgage Lending

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 Line of Credit transactions reverse mortgages mortgages secured by a mobile home or other […]

What Do Lenders Have To Tell You About Your Real Estate Loan?

What Do Lenders Have To Tell You About Your Real Estate Loan? Unlimited Mortgage Lending

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 estate loans First, the Loan Estimate, which covers the key features, costs and risks of a mortgage […]