Daylight Saving Time (DST) ends on November 6, 2022 at 2:00 a.m. What does DST 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 result, financial institutions located in areas that observe DST need to remember to change the time designation used under the Rate Lock section on their loan estimates.

Verify that your loan origination software updates the time designation properly. In addition, loan estimates issued during the period just prior to the exit from DST, when DST is still in effect, may expire after the time designation has changed to standard time and must reflect that change in the expiration date and time. For example, if a lender in the Eastern time zone delivers a loan estimate while EDT is still in effect, and the interest rate lock and estimate of closing costs expire after the change to EST on November 6, the lender must show the expiration time zone as EST, since standard time will be the time designation in effect when the rate lock and estimated closing costs expire.

This is a small item that can be easily overlooked; it is also an easy violation for an examiner to identify. Please take a few minutes to make sure your disclosures have the correct time zone.