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What Will The TRID Loan Estimate Tell Me?
http://bucket.wistia.com/medias/6t19og7biu?embedType=async&videoFoam=true&videoWidth=640 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...
How Long Must Creditors Keep Real Estate Loan Records?
http://bucket.wistia.com/medias/1j5jgozdhu?embedType=async&videoFoam=true&videoWidth=640 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...
What Is A ‘Business Day’ For Real Estate Loan Disclosures?
http://bucket.wistia.com/medias/r5fh95cwkr?embedType=async&videoFoam=true&videoWidth=640 “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...
Do Creditors Have To Approve TRID Loans In 3 Days?
http://bucket.wistia.com/medias/p3xe4fns15?embedType=async&videoFoam=true&videoWidth=640 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...
Can Creditors Collect Information Beyond The 6 Required Pieces?
http://bucket.wistia.com/medias/knoods4afe?embedType=async&videoFoam=true&videoWidth=640 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...
What 6 Pieces of Information Make A TRID Loan Application?
http://bucket.wistia.com/medias/b6jbth372d?embedType=async&videoFoam=true&videoWidth=640 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...