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 list.
In addition, prepaid interest, property insurance premiums and escrow or reserve deposits may change without legal tolerance limits.
Charges for recording services, and 3rd-party services ON the creditor list, grouped together may not exceed the Loan Estimate total for the same charges by more than 10%.
Transfer taxes, fees paid to the creditor, mortgage broker or an affiliate of either and fees paid to a 3rd party for services the creditor does NOT permit you to shop are ZERO tolerance and must match the Loan Estimate.
The Loan Estimate documents the essential facts and terms of an approved real estate loan. It includes:
and other important details such as appraisal, insurance, late payment, refinancing, loan assumption policy and whether this lender intends to service this loan.
The Loan Disclosure is a dynamic form; it will include information that IS related to YOUR loan and may leave out information that is NOT so forms from different lenders or for different loans may not look identical.
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 they must provide a copy of the Closing Disclosure to the new owner or servicer and both parties must retain it for the remainder of the 5-year period. Records CAN be stored digitally but it is NOT required.
TRID does not define how long consumers should keep disclosure records.
“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 mail no later than the 3rd business day after receiving your loan application.
For Closing Disclosures, a business day is defined as all calendar days except Sundays and the Federal public holidays The Closing Disclosure must be provided to you at least 3 business days PRIOR to loan consummation.
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 withdraw your loan application within that period they do not have to provide the Loan Estimate.
However, if the creditor does NOT supply the Loan Estimate in the required time approving and issuing the loan later under your original application terms will make them non-compliant with TRID Regulation Z.
In addition to the required pieces:
A creditor may collect whatever additional information they deem necessary.
However, as soon as you have provided the 6 required pieces, the creditor has 3 business days to provide a Loan Estimate for approved loans.
Submitting these 6 pieces of information:
constitutes a valid loan application under the TRID rule.
You may apply and submit these in writing OR in oral form; a live conversation, or a phone call, backed by a written record of the conversation is a legitimate application.
Once these 6 pieces of information are submitted a creditor MUST supply a Loan Estimate for approved loans within 3 business days.
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 consumers are partially exempt from TRID disclosures, and have specific rules.
Creditors are not required to provide Loan Estimate and Closing Disclosure forms and related booklets and statements for these loans.
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