Industry News
What Is A ‘Business Day’ For Real Estate Loan Disclosures?
http://bucket.wistia.com/medias/egijmmqw5r?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/sqeiqhm2c7?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/8suzqi1r8f?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/xltvh0lizt?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 Disclosures Are Used For Loans Not Covered By TRID?
http://bucket.wistia.com/medias/42donv4b8t?embedType=async&videoFoam=true&videoWidth=640 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...
What Kinds Of Loans Do TRID Disclosures Cover?
http://bucket.wistia.com/medias/xmti1gepf4?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,...