TRID: When Can You Close?.
One requirement of TRID that can sometimes fly under the radar is the seven-day wait to close. As you know, TRID applies to any closed-end, consumer-purpose loan secured by dirt. And, that dirt may or may not include a dwelling. The seven-day wait applies regardless; however, where there are most often issues with this wait timeframe is when there is no dwelling (aka a bare lot). These loans typically close much quicker than those with a dwelling. So, just keep in mind, that once the Loan Estimate is provided, you must wait seven business days to close the loan.
Jerod explains more in the video.
Published
2024/10/22
Jerod Moyer
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!