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New mortgage rules starting October 3rd

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Blog by Doug Ingersoll | September 28th, 2015

Richard Silva is a neighbor and lender who sent me this update on the workings of the new loan process:


  1. Unlike the current final TIL and HUD-1, the new Closing Disclosure must be received by the borrower no later than 3 business days prior to consummation. This regulation ADDS THREE DAYS to every purchase transaction involving a mortgage loan.
  2. Because no changes to the CD can occur without resetting the disclosure time clock, all parties shouldprepare to close seven days prior to the actual closing date.
  3. It is highly recommended that all parties arrange a mid-contract review – we’re calling it a TRID STOP! Selling and Listing Agents, the Lender, Escrow, Buyers and Sellers all need to be aware of any issues that might delay closing.
  4. Most common delays will be caused by the following if not completed prior to 12-15 days prior to closing:
    • Inspection is delayed, which delays appraisal
    • Inspection negotiation between buyer and seller is not completed, which causes appraisal delays and/or contract Addendums
    • Addendums to the contract have not been forwarded to Escrow and/or the Lender
    • Walk-through and sign-off should be completed prior to seven days before closing
  5. The number one thing to know about the TRID changes is that COMMUNICATION IS KEY to win the race.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
    Richard Silva
    Loan Officer
    LoanStar Home Lending
    Cell Phone: 602.373.3654
    2198 E Camelback Rd, Suite 380
    Phoenix, AZ 85016
    NMLS #: 422347