As I am sure you are aware, Daylight Saving Time (DST) ended on November 3, 2024 at 2:00 a.m.! What does DST have to do with TRID, you may ask? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in […]
Category: TRID
Disclosure of Gift Equity: Beyond The Basics
A gift of equity can be a wonderful opportunity for a seller to help a family member purchase a home. It alleviates the need for a down payment and lowers the purchasing price of the home. But how does a gift of equity affect the seller and the buyer? Let’s get into the benefits for both parties, as well as the important compliance requirements for the entire process. What Is a Gift of Equity? A gift […]
Daylight Saving Time 2024 and TRID
REMINDER: Daylight Saving Time (DT) begins on Sunday March 10, 2024 at 2:00 a.m. It ends on November 3, 2024. But you may be wondering, what does Daylight Saving Time have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a […]
Reminder: TRID and Daylight Saving Time
Don’t forget, Daylight Saving Time (DST) ends on November 5, 2023 at 2:00 a.m.! What does DST have to do with TRID, you may ask? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DST need […]
TRID DISCLOSURES FOR CONSTRUCTION LOANS – ARE REVISIONS POSSIBLE?
On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) published a blog article regarding efforts by the Independent Community Bankers of America (ICBA) to gain approval for an application regarding consumer disclosures of a loan that provides either construction or construction-permanent financing In its April 28, 2022 application, the ICBA states it is not uncommon in rural communities for first-time homebuyers to build their first home because there are limited existing affordable “starter” homes. The […]