Guidance and Updates on TRID Implementation
(Applicable to Wholesale Channel)
Dear Licensed Partner,
The TILA-RESPA Integrated Disclosure (TRID) Rule has been effective since October 3, 2015. To help with the transition to the new disclosure forms and better facilitate the processing of your loans, Sun West is offering some helpful tips to ensure that loans originated after October 3, 2015 comply with new TRID guidelines.
Per TRID regulation, the Closing Disclosure (CD) must be received by the borrower(s) at least 3 business days before closing with the following requirements:
- For rescindable transactions (refinance of primary residences), all borrowers, including Non-Borrowing spouses who have the right to rescind the transaction are required to acknowledge the receipt of the CD. For non-rescindable transactions, only the primary borrower is required to acknowledge the receipt of the CD
- The loan can only be closed on or after the third business day after the day the CD is received by the borrower(s)
|CD is delivered with acknowledgement from the borrower(s)
||CD is delivered without acknowledgement from the borrower(s)
|Loan can be closed on or after the third business day after the date of receipt of the CD
||It can be assumed that the borrower has received the CD on the third business day after it was sent, but an additional 3 day waiting period is required, and the loan can only be closed on or after the sixth business day after the CD was sent
In order to avoid delays in the processing of your loan, please make sure the borrower acknowledges the receipt of the CD as soon as possible.
Sun West will continue to provide updates and tips on TRID compliance as these become available. If you have any questions regarding TRID, you may also contact our Management Hotline at (844) DIAL-SWM for immediate assistance.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or
|Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.