Key Takeaways
- The Loan Estimate must be delivered within 3 business days of application (defined by receipt of six data elements).
- Zero-tolerance fees cannot increase without a valid changed circumstance; ten-percent-tolerance fees are measured in aggregate.
- The Closing Disclosure waiting period resets for APR changes exceeding 0.125% (fixed) or 0.25% (ARM), product changes, or prepayment penalty additions.
- Tolerance violations must be cured (excess refunded) within 60 calendar days of closing.
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Test Your Knowledge
1.What are the two key disclosure documents under TRID?
2.What triggers a tolerance violation under TRID?
3.What is the consequence of a TRID tolerance violation that is not corrected?