by kelleyandgrantlaw | Jun 24, 2015 | TRID
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 the services for which you CAN and CANNOT shop in relation to the loan summary...
by kelleyandgrantlaw | Jun 24, 2015 | 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 interest...
by kelleyandgrantlaw | Jun 24, 2015 | 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...
by kelleyandgrantlaw | Jun 24, 2015 | 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 kelleyandgrantlaw | Jun 24, 2015 | 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 required...
by kelleyandgrantlaw | Jun 24, 2015 | 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 form; a...
by kelleyandgrantlaw | Jun 24, 2015 | TRID
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 dwelling loans and others NOT covered by TRID. Housing assistance loans for low- and moderate-income...
by kelleyandgrantlaw | Jun 24, 2015 | TRID
TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans, and loans secured by vacant land or by 25 or more acres. The rule does NOT apply to Home Equity...
by kelleyandgrantlaw | Jun 24, 2015 | TRID
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 TWO New “TRID” disclosure forms. for the most common kinds of real...
by kelleyandgrantlaw | Apr 4, 2014 | Mortgages:
Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. The example this video shows – you have a house worth $300,000 today and you owe the bank $200,000....
