TRID Again: 21 Day Close; Nobody Can Change Fees or Credits

Now that we are getting our arms around TRID, we realize that a 14 day close will be impossible. The best case will be 21 days.

This is b/c we cannot issue the required “Closing Disclosure” until 7 business days after we issue our initial disclosures that include the “Loan Estimate.”  And, it takes us at least 3 to 4 days to prepare initial disclosures b/c we have to get very accurate fees from escrow and other 3rd parties.

The key for Realtors and Escrow Officers is to never change fees, costs or credits once we send out initial disclosures. If credits or fees change, even if JVM eats them, new disclosures need to go out that will significantly delay the transaction.

Minor fee changes and credits need to be applied outside of escrow to avoid major delays.

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