Chris Talks – TRID Update On The Three Day Rule
Chris Talks – TRID Update On The Three Day Rule
In this video (in 5 minutes or less!) we discuss some truths and rumors coming on October 3, 2015 with the new TRID rule. Primarily, this video serves to dispel some bad information floating around the real estate and mortgage industries about the “three day rule.”
For instance, a new three day waiting period does NOT have to be instated if the following issues occur before closing:
-Unexpected discoveries on walk-through
-Most changes to payments made at closing
-Typos found at the closing table
But certain issues WOULD involve a new three day waiting period which typically includes:
-The APR goes up by at least 1/8 a point
-A prepayment penalty is added
-The basic loan product changes
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