TRID New Closing Disclosure (CD) Causing Some Confusion

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Real Estate Agent with Tierra Antigua Realty SA624527000

The new Closing Disclosure (CD) issued by the lender for a new loan transaction is intended to be a final, accurate representation of the closing costs and the cash required from the buyer. In reality, the initial CD has proven to be a close representation of the cash needed by the buyer at closing. The initial CD is many times revised. The initial CD, once receipted by the buyer, starts the 3 day waiting period before loan documents can be signed. Revisions are allowed without re-starting the 3 day waiting period. If the buyer does not receipt the CD, the waiting period is 6 days before signing. Buyers should not rely on the initial CD to draw their cashier’s checks for closing. They should wait until the final CD is approved by the lender and the Title company for the exact amount of funds that are needed for closing.

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Rainmaker
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Trent Dalrymple (248) 854-0625
Texana Bank - Bloomfield Hills, MI
Allowing Mortgage Professionals to Lend Nationwide

Much as we would have to wait for the final HUD before title had an accurate amount for the buyer to bring to closing, the final CD is the same.  The major difference is the buyer now has 3 days to look over not just costs but also the terms, rate and other particulars with a very close estimate of the cash to close.  More information with less surprises at the closing table.  Good post. 

Dec 31, 2015 11:11 AM #1
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Rainmaker
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Spirit Messingham

Third Generation Full-Time Realtor® 520 471-6900
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