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

http://bucket.wistia.com/medias/lovob6nkk6?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...

Do Creditors Have To Approve TRID Loans In 3 Days?

http://bucket.wistia.com/medias/mqxwfgxx4w?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...

Can Creditors Collect Information Beyond The 6 Required Pieces?

http://bucket.wistia.com/medias/y36c1shnx2?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...

What 6 Pieces of Information Make A TRID Loan Application?

http://bucket.wistia.com/medias/p2olryyiwx?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...

What Is A Credit Bureau Score And How Do Lenders Use Them?

http://bucket.wistia.com/medias/ih5bq5vaoi?embedType=async&videoFoam=true&videoWidth=640 As we show you in this video, a credit bureau score, or “credit score” is a number based upon your credit history that represents the possibility that you will be unable...

What Is The Best Way To Compare Loan Terms Between Lenders?

http://bucket.wistia.com/medias/i0hahcp9qs?embedType=async&videoFoam=true&videoWidth=640 Watch this video and take a few notes! First, devise a checklist for the information from each lending institution. You should include: the company's name and basic...

Understanding Loan Estimate Comparisons

http://bucket.wistia.com/medias/mkjxbe2p0g?embedType=async&videoFoam=true&videoWidth=640 Page 3 of your Loan Estimate includes measures to help you compare loans. “In X Years” shows the total amount you will have paid in that time, and the dollar amount...

Understanding Your Loan Estimate: Other Costs

http://bucket.wistia.com/medias/zsh7aggl5s?embedType=async&videoFoam=true&videoWidth=640 Real estate transactions require taxes, certain pre-payments, and escrow funding. Recording fees are charged by government agencies for keeping legal ownership records,...

Understanding Your Loan Estimate: Services You CAN Shop For

http://bucket.wistia.com/medias/5xmvilpdwc?embedType=async&videoFoam=true&videoWidth=640 These costs are paid to outside parties and YOU are free to shop and compare providers for a variety of services. These might include pest inspection, or a survey to...

Understanding Your Loan Estimate: Services You Cannot Shop For

http://bucket.wistia.com/medias/rsp08qadqx?embedType=async&videoFoam=true&videoWidth=640 These costs are paid to outside parties, not the lender, but you don’t get to choose them. They may include: appraisal, which puts a value on your property on the lender’s...

Understanding Your Loan Estimate: Page 2, Loan Costs

http://bucket.wistia.com/medias/uj6yl3w4gn?embedType=async&videoFoam=true&videoWidth=640 Closing costs are fees paid when the title of the property is transferred to the buyer making them the legal owner. Origination Charges are fees collected by the lender...

Understanding Your Loan Estimate: Terms, Payments and Closing Costs

http://bucket.wistia.com/medias/6vff8qychy?embedType=async&videoFoam=true&videoWidth=640 The first page of your Loan Disclosure shows the Loan Terms Projected Payments and Costs at Closing. The Loan Amount, of course is the total you are borrowing. But the...

Can My Settlement Charges Change?

http://bucket.wistia.com/medias/cd4azz6s7j?embedType=async&videoFoam=true&videoWidth=640 Yes, if circumstances change, such as: a natural disaster damages the property or affects closing costs the title insurer providing the estimate goes out of business...

What Kinds Of Loans Do TRID Disclosures Cover?

http://bucket.wistia.com/medias/ncz00fcx76?embedType=async&videoFoam=true&videoWidth=640 TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans,...

Understanding Your Loan: Cash And Transaction Summaries

http://bucket.wistia.com/medias/zu9meefo7l?embedType=async&videoFoam=true&videoWidth=640 Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is “YES” notes for changed...