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Could My Loan Costs Exceed The Loan Estimate?
http://fwd4.wistia.com/medias/uoghm2gtop?embedType=iframe&videoFoam=true&videoWidth=640 Yes, within defined limits. Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their written...
What Will The TRID Loan Estimate Tell Me?
http://fwd4.wistia.com/medias/fzwfcp6l1o?embedType=iframe&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...
How Long Must Creditors Keep Real Estate Loan Records?
http://fwd4.wistia.com/medias/y8v8awakm4?embedType=iframe&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...
What Is A ‘Business Day’ For Real Estate Loan Disclosures?
http://fwd4.wistia.com/medias/m6o5f58kz7?embedType=iframe&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...
Do Creditors Have To Approve TRID Loans In 3 Days?
http://fwd4.wistia.com/medias/nnl349kfad?embedType=iframe&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://fwd4.wistia.com/medias/hf1god9g2k?embedType=iframe&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://fwd4.wistia.com/medias/zupqlt0rhh?embedType=iframe&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://fwd4.wistia.com/medias/h499kjt9ay?embedType=iframe&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://fwd4.wistia.com/medias/qb5tzp3ik6?embedType=iframe&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,...
What Do Lenders Have To Tell You About Your Real Estate Loan?
http://fwd4.wistia.com/medias/audp2340gm?embedType=iframe&videoFoam=true&videoWidth=640 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...