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Closing Disclosure Out Sooner; Before Clear to Close; Closing Faster

TRID CLOSING DISCLOSURE REGULATIONS

When the dreaded “TRID” regulations came into effect, one of the biggest causes of delay was the Closing Disclosure or “CD.” The CD sets out the final loan terms, and borrowers are not allowed to sign actual loan documents until three business days pass from the signing of the CD.

This three-day review period is why we increased our advertised closing period from 14 days to 17 days. We were not able to issue the CD until all loan conditions were signed off and we were ready to draw loan documents.

The good news is that we are now one of the few lenders who are able to issue CDs before all conditions are signed off. This allows the CD review period to run concurrently with the underwriting process, which in turn allows us to close faster.

This is just one more of our daily improvements.

CLEAR TO CLOSE

“Clear to close” means that homebuyers have met all the requirements and satisfied all the conditions to close their mortgage. Homebuyers will get the “clear to close” when their lender and underwriter have fully reviewed their loan documents. Once a homebuyer is “clear to close,” we can start preparing for closing day by scheduling a signing appointment with a title company and notary for our homebuyers.

QUESTIONS ABOUT CLOSING

If you have questions about the closing process or your closing disclosures, you can contact our team 7 days a week by phone at 855-855-4491 or by email at [email protected]

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646