For closed-end real estate loans, which documents are required under TRID?

For closed-end real estate loans, which documents are required under TRID?

• A. Loan Estimate and Closing Disclosure
• B. Only Loan Estimate
• C. Only Closing Disclosure
• D. No documents

Answer: (A)

The rule under TRID for closed-end real estate loans is that two disclosures must be provided: the Loan Estimate and the Closing Disclosure. The Loan Estimate is given within three business days after you apply and lays out the estimated costs, loan terms, and other key details so you can compare offers. The Closing Disclosure is provided no later than three business days before you close and shows the final loan terms and all closing costs, reflecting any changes since the Loan Estimate. Because both disclosures are required to inform the borrower early and again with final figures, choosing only one of them or none would not satisfy TRID. For open-end credit like HELOCs, different rules apply, but the question focuses on closed-end loans.

The rule under TRID for closed-end real estate loans is that two disclosures must be provided: the Loan Estimate and the Closing Disclosure. The Loan Estimate is given within three business days after you apply and lays out the estimated costs, loan terms, and other key details so you can compare offers. The Closing Disclosure is provided no later than three business days before you close and shows the final loan terms and all closing costs, reflecting any changes since the Loan Estimate. Because both disclosures are required to inform the borrower early and again with final figures, choosing only one of them or none would not satisfy TRID. For open-end credit like HELOCs, different rules apply, but the question focuses on closed-end loans.