One key concept when it comes to TRID disclosures is the idea of “the best information reasonably available”. This is vitally important, especially for those who may be new to TRID. Essentially, any time you issue a Loan Estimate, a revised Loan Estimate, a Closing Disclosure, etc., it should be based on the best information available to you at that point in time. In other words, you shouldn’t just be guessing. If you don’t know something, you need to do some leg work to find out and ensure that your disclosure is as accurate as it can be, based on the information available to you. Examiners are going to be looking at what you knew and when you knew it and your disclosures should correspond accordingly.
Jerod explains more in the video.