Key Takeaways
- TRID requires Loan Estimate delivery within 3 business days and Closing Disclosure 3 business days before closing.
- RESPA prohibits kickbacks; ECOA prohibits discrimination; HMDA requires fair lending data reporting.
- Conventional closings take 30-45 days; investor loans often extend to 45-60 days.
- TRID violations expose lenders to penalties and can result in loan rescission.
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Test Your Knowledge
1.What does TRID stand for and what does it govern?
2.How soon after application must the Loan Estimate be provided?
3.What is a typical timeline from application to closing for a conventional mortgage?