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#2246400 - 12/10/20 04:52 PM Counter offer from unsecured to secured
JoeG Offline
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Joined: Nov 2013
Posts: 127
DuPage county, IL
Say an applicant applies for an unsecured loan but we make a counter-offer that the loan must be secured by a 2nd mortgage lien on their home. The counter-offer is for a closed-end loan and TRID applies.

Assuming they accept the counter-offer, when is the deadline for delivering the Loan Estimate? Is it 3 business days starting from whatever date the applicant accepts the counter-offer?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2246407 - 12/10/20 05:31 PM Re: Counter offer from unsecured to secured JoeG
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Yes - until they tell you they would like to proceed, there is no application that is secured by real property.
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