If you’re a Realtor®, you have a lot on your plate – and with the latest TILA-RESPA Integrated Disclosure Rules, you may find yourself explaining specific deadlines to your clients.
This 2016 TRID Calendar lets you evaluate closing dates throughout the year to determine when your clients need to have received their closing disclosures (the essence of TRID is to ensure that buyers are informed before making a final decision).
Federal holidays are marked on the calendar, and Sundays aren’t considered business days. When you’re using this 2016 TRID Calendar, you also know that the three-day period is measured by days rather than hours; that means disclosures must be delivered three days before closing – not 72 hours before closing.
Electronic delivery of disclosures is perfectly acceptable; they can even be digitally signed if they’re in compliance with E-Sign requirements.
Why Use the 2016 TRID Calendar From Smart Title?
The 2016 TRID Calendar can be a useful tool to keep your buyers informed. They need to know how quickly to expect loan estimates (lenders must deliver or place a buyer’s loan estimate in the mail within seven business days before the borrower becomes contractually obligated to the lender).
Lenders have to deliver or place revisions to the loan estimate within three business days after receiving notification of a change in circumstances, as well. Finally, the buyer must receive the revised loan estimate at least four days before consummation of the loan (if the lender is mailing it, they must put it in the mail no later than seven business days before consummation).
Closing disclosure dates are also important, which is another reason the 2016 TRID Calendar is extremely helpful.
Borrowers must receive closing disclosures at least three business days before consummation of the loan. If the lender issues a corrected disclosure, they must do so at least three business days before the borrower consummates the loan.
Feel free to print this 2016 TRID Calendar or stop by the Smart Title & Escrow office to pick up your own copy.
Do You Need to Talk About Title Insurance?
If you’d like to talk about title insurance, we’re always here to help you and your clients. Call us at 615-393-6222 or get in touch with us online. We’d love to hear from you!