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