TRID Timing

Posted By: mdog76

TRID Timing - 02/25/19 05:22 PM

When does the three day clock technically start? When the officer receives the completed app (officer doesn't have ability to produce LE), or when Loan Ops receives the app to produce the LE? Example: customer provides completed app end of day Monday but loan ops doesn't get app until Tuesday morning.
Posted By: mdog76

Re: TRID Timing - 02/25/19 05:34 PM

Sorry to take up a thread, I found my answer.
Posted By: rlcarey

Re: TRID Timing - 02/25/19 05:50 PM

Hopefully you settled on the day the loan officer got it???
Posted By: Truffle Royale

Re: TRID Timing - 02/25/19 07:53 PM

Just to clarify, the three day clock starts the day the BANK gets the application. Assigning it to a specific LO who's out of the office doesn't mean the clock doesn't start till he's back in the office.
Posted By: mdog76

Re: TRID Timing - 02/26/19 07:39 PM

So just to be clear: Say Loan officer takes a complete application today, then today is day one, Wednesday is day two, Thursday is day three, so we'd need LE out by Thursday? Or LE out by Friday?

Don't know why I'm getting hung up on this.
Posted By: RR Joker

Re: TRID Timing - 02/26/19 07:40 PM

Don't count today. Wednesday - 1, Thursday - 2, Friday - DDay [3]
Posted By: RR Joker

Re: TRID Timing - 02/26/19 07:43 PM

. Timing and use of estimates. The disclosures required by § 1026.19(e)(1)(i) must be delivered not later than three business days after the creditor receives the consumer's application. For example, if an application is received on Monday, the creditor satisfies this requirement by either hand delivering the disclosures on or before Thursday, or placing them in the mail on or before Thursday,
Posted By: mdog76

Re: TRID Timing - 02/26/19 07:46 PM

I see. I was getting on hung up on the bank receiving the app and not seeing the "after" in the reg.
Posted By: RR Joker

Re: TRID Timing - 02/27/19 02:22 PM

I think Truffle also inadvertently confused it with her wording of starting the day of.