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