One of the regulations associated with the new TRID forms is a 3-day rule. The 3-Day rule mandates borrowers MUST receive the Closing Disclosure 3-days before the closing date. This new rule gives consumers the opportunity to review the closing disclosure and ensure all information is correct and correlates with the Loan Estimate.
However, what happens if any changes need to be made?
The infograph below explains three situations that would require a new closing disclosure and thus, delay your closing.