How Long Must Creditors Keep Real Estate Loan Records?
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 inter...
What Is A ‘Business Day’ For Real Estate Loan Disclosures?
“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 t...
Do Creditors Have To Approve TRID Loans In 3 Days?
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 yo...
Can Creditors Collect Information Beyond The 6 Required Pieces?
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 informa...