by ttdev | Feb 26, 2019 | TRID
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 and Closing Disclosures for FIVE years. If a creditor sells or transfers their...
by ttdev | Feb 26, 2019 | 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 later...
by ttdev | Feb 26, 2019 | 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 ttdev | Feb 26, 2019 | 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...
by ttdev | Feb 26, 2019 | 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...
by ttdev | Feb 25, 2019 | TRID
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 applied to your loan principal. The ratio between total paid and principal reduced may change...
