With the installation of new TRID rules on October 3rd, there have been several changes in the mortgage process. One that is less commonly talked about is the change in definition of the term ‘application date.’ Under the new TRID regulation, if a lender receives the following six items, the borrower is considered to have applied for a loan:
- Consumer name
- Social security number
- Estimated property value
- Loan amount
- Property address
Prior to TRID installation, there was a 7th item which served as a ‘catch-all’ in the application process. This item could be anything that the lender deemed necessary to make a lending decision. The benefit to removing the 7th item is that it requires all lenders to be on the same page when it comes to defining the start of an application.
As a Mortgage Planner, I am happy to answer any questions you may have and provide you with any additional help that you may need. You can count on my team to make this transition easy for you. Please call me if you would like to discuss TRID or how I can help to support your business.