The TRID requirements found in Regulation Z state that once a lender has received six specific pieces of information, they have a TRID application and then have three business days to provide a Loan Estimate to the applicant. Those six pieces of information include:
- Name
- Income
- Social Security Number (to obtain a credit report)
- Property Address
- Property Value Estimate
- Loan Amount
TRID also prohibits a lender from doing certain things until they have an application (i.e., the six items). For example, you cannot require the applicant to pay any fees other than a reasonable fee to obtain a credit report.
Jerod explains this and more prohibitions in the video.
Published
2023/12/15
