couple setting up furniture in their new homeMortgages are essential. Without them, most of us would never feel the pride that comes with homeownership. And, while we at Quicken Loans have simplified the mortgage process for our clients, mortgages are still pretty complex. There are a number of documents required during the mortgage process, and some aren’t easy to understand.

That’s changing for the better. Starting on Saturday, October 3, some new federally mandated regulations and forms will help clear things up for everyone.

The new forms, the TILA-RESPA Integrated Disclosures (TRID), combine four forms into two that are easier for borrowers to understand. You may also see these referred to as “Know Before You Owe” forms.

About the New Forms

When you go through the mortgage process, the lender is required to give you these two new forms. One is the Loan Estimate, which you’ll receive early on. Later down the road, you’ll also get the Closing Disclosure so you can review the final loan terms before you head to the closing table.

Loan Estimate

The Loan Estimate replaces both the initial Truth-in-Lending (TIL) statement and the Good Faith Estimate (GFE).

After providing some initial information to the lender (name, income, estimated property value, etc.), you’ll be sent a Loan Estimate within three business days.

Your Loan Estimate consists of three pages. The first page lists general information about your loan:

  • Applicant info and property details
  • Loan type, purpose and terms
  • Projected payments during the loan term
  • Estimated closing costs and how much cash you’ll need at closing

The second page of the Loan Estimate breaks down the closing costs:

  • Origination Charges (to cover lender expenses)
  • Other Costs (third-party charges, like taxes and homeowners insurance)
  • Calculation used to determine estimated cash required at closing
  • Adjustable interest rate table, payment table (for ARM loans only)

The last page shows information about your lender and further details to help you choose which loan is right for you:

  • Contact info for your lender and loan officer
  • Comparisons (consistent table format to make comparing different loans easy)
  • Other Considerations (details specific to this loan from this lender)

When you’ve decided on your loan option, you must sign the Intent to Proceed document. Without this consent, your lender cannot move forward with processing your loan.

Closing Disclosure

The new Closing Disclosure replaces both the final Truth-in-Lending disclosure and the HUD-1 statement.

When your loan is ready to close, you’ll have a final discussion with your lender to go over the loan and its terms to make sure you understand and agree to everything. Following this conversation, they will provide you a Closing Disclosure detailing your loan terms.

The Closing Disclosure is designed to be straightforward and covers essentially the same topics as the Loan Estimate with added information related to your escrow account (which holds funds to pay your taxes and insurance). You just have to make sure everything matches what you agreed to previously.

About the New 3-Day Waiting Period

Your lender is required to give you a minimum of three business days to review the Closing Disclosure before your closing can take place. If you request changes to the Closing Disclosure, a new one must be issued, and another three-day review period will begin.

It’s important to acknowledge receipt of the Closing Disclosure as soon as you get it so your closing will not need to be delayed.

That’s the lowdown on the new TRID forms and regulations around the Loan Estimate and Closing Disclosure. Any questions? We’re here to help! Just give us a call or leave a note in the comments.

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This Post Has 198 Comments

    1. Hi Clair:

      While we try to answer as many general information questions as we can here in the comments to make it a resource for people, every situation is different and mortgage financing questions tend to be very personal in nature and involve people’s sensitive financial information. If it’s a question on a specific mortgage rule, we can answer those. However, out of respect for your information and the information about others, we don’t comment on personal situations.

  1. You must answer the Questions asked by us, your mortgage clients, please.
    I is a waste of time to read the Q’s, read the answer, to find out that someone from ‘headquarters’ will “reach out” to us. …no reason to read the ‘comments’, right?

  2. 1) I’m working on a loan which was supposed to have no closing costs. But, I was obligated to show that I have at least 17K in ‘reserve’.
    2) I just read somewhere that I will find out my:
    “Estimated closing costs and how much cash you’ll need at closing”
    My question is the following:
    If a loan is being worked with a rate of 4.6….% (very high), plus probing I have cash together, $17K, shouldn’t even be mentioned. Might this have something to do with item “2” above. Keep in mind this a ‘no closing costs’ loan.
    I’m being asked now to give them my wife’s bank account id and password, Why all of this?. Not even I, her husband, have this information.
    Never heard of this and why is anybody allowed to even ask for this information?.
    If I give QL this information, how much time will QL need to see the 2 the most recent statements I sent match what I sent so I can close this bank account and change all the main info in the new one?.
    I’m going to CHASE tomorrow to confirm if this is allowed in writing. Otherwise I will have no problem just deleting everything within QL and going to another #1 Mortgage Institution.

    1. Hi Angel:

      I want to make sure you absolutely get the right information. Someone is going to reach out to you as soon as possible. There are a lot of questions here that are bit complicated to answer on the blog, but we’ll have an answer for you as soon as possible. Thanks for reaching out!

      Kevin Graham

  3. “After providing some initial information to the lender (name, income, estimated property value, etc.), you’ll be sent a Loan Estimate within three business days.

    I was told today by my Mortgage person that this couldn’t be provided until I’ve put an offer in on a property. This does not sound like the case after reading this article. I was really interested in Rocket Mortgage, but I don’t understand why it is so hard to give me an estimate of costs to compare with other lenders. I’m not going with a lender that can’t provide this. It’s common practice and all the others have provided it within 24hrs.

    1. Hi Taylor:

      Thank you for making us aware of your experience. We are going to look into your situation and someone will be reaching out tomorrow.

      Thanks,
      Kevin Graham

  4. WE were told at the beginning of going with QUICKEN LOANS will only take 30 to 45 days. After 65 days for a VA loan, received document Closing Disclosure, (3 day waiting period) on My 25th. Received closing Disclosure 3512369741 05/25-01:20:56. It shows Closing it date: 5/31/2016 with Disbursement Date: 06/06/16. Took off work to sign papers with notary on 5/31/16. NO CALLS, NO SHOW NOTARY. WENT ON QL, IN COMMENT SECTION, WAS WRITTEN for todays date 5/31.at 9:30 AM Quicken Loan time, our time: 7:30 AM, WE WILL HAVE TO HAVE 15 MORE DAYS…… WHAT?……. Unacceptable. When we called in, said there was a “glitch” with underwriting over $200. which was made straight. We were told a team would be working on this again…. This is the 12th team we have been turned over too. Have to go through the same story over and over. Have the team doesn’t even read our file. Such as days posting, 5/31: Loan needs to go another 15 days. We feel we need to speak to attorney. VERY DISAPPOINTED…..

    1. Hi Catherine and Mark:

      We never want our clients to feel this way. I’m going to pass this along and see what we can do to help here. I’m going to have someone reach out.

      Thanks,
      Kevin Graham

  5. When I started this loan, I was told they were going to try and close my loan 8 days prior to Jan. 4..I spoke with Jordan Hamling. He said it would take a few more days due to the holidays. I’m waiting anxiously for this loan to be completed. It was going great and I understand that there was the holidays but it looks as if you guys worked during the holidays. I had to call QL, they had not contacted me on the 4th to let me know they are still working on my loan. I rather you call me then not to call me. It was going really good up until now.

    1. Hi Michelle:

      We understand your anxiety. Obviously, fewer people were around during the holidays. We are still working hard for you to get this done. I’m going to have someone call you tomorrow. Thanks for reaching out and have a good night!

      Thanks,
      Kevin Graham

    2. Q & L is a popular and legitimate mortgage company. I am getting a lower interest rate and less years on my loan so I can pay my house off sooner! My Concern about this loan not being a married with joint residence. Should we be concerned? God forbid something happens to me I don’t want my wife in probate for our house. Tim Burger is my contact person!

      1. Hi Dwain:

        I’m going to get you to someone that can answer your questions in this area. Thank you for reaching out. Have a great day!

        Thanks,
        Kevin Graham

  6. So I recently closed on my refinance loan and everything went how they said it would. After reading many horrible story’s on here and other websites that others had encountered I just keep saying umm that is not what’s going on with me/my loan. The whole process took less than a month and in the end the numbers and payment went down a little from the estimate..No bs.. Everyones personal situation is different which make no two loans alike. Like I said before who you personally deal with will make a big difference. The team/people I dealt with clearly knew what they were doing and we’re not out to screw me..they made everything clear and the numbers made sense otherwise I would not have gone forth with the loan. It was a pretty simple process and just would like to say thank you to the people that helped me on my loan.

    1. I’m glad you had a good experience, Mike! We pride ourselves on being able to make everything clear and make the process as efficient as possible. Thanks for sharing!

      Kevin Graham

  7. Hello Kevin
    My rate lock will expire on Monday January 4, 2016. Today is Saturday January 2nd and no one works on Sunday January 3rd. I have a Refinance Loan pending. Could you tell me what the interest rates will b from January 4th until January 30, in case Quicken Loans does not get my Refi closed in time for me to get the locked in rate??AND do I get the lower rate if lower than the lock in rate? Thank you!

    1. Hi Sharon:

      We do have people on our Client Relations team that work on the weekends. I’m going to pass your issue along. As for interest rates, those fluctuate daily and no one knows what they will be. Thanks for reaching out!

      Thanks,
      Kevin Graham

  8. I have applied for a conventional 10-year loan. I have been informed that a “cash reserve account” must be verified and maintained during the entire loan approval process. The figure that I was provided equates to approximately 10% of the loan amount. Please explain the definition of this mandatory “cash reserve account”, provide the required directive or regulation requiring such a reserve, and provide the methodology used to compute the amount of the reserve. Thank You.

    1. Hi Dan:

      I’m going to have someone from our client relations team reach out in the morning and help you with your question on reserves.

      Thanks,
      Kevin Graham

  9. I have 2 residences in 2 different counties. My residence in Statesboro Ga. 30458, and my common law husbands home in Sav. 31407. I live about 50% of my time at each resident, fluctuating according to my health and if zi need to stay with someone. My drivers license and mailing address is in Sav. 31407. In Statesboro I have all the normal maintenance and monthly household bills and I pay my real estate taxes there, car tag and car and home insurance there. Because of my living situation my loan is being considered an investment rather than homeowner.
    Is there any benefit in classifying this loan has an investment? Like interest rate, etc.over a homeowners?
    Is there any benefit in classifying this has as a home loan? Like interest rate, etc. over an investment loan. So far my experience has been a good one. Thank you.

    1. Hi Wanda:

      If by investment you mean investment property, they come with a higher interest rate than primary properties. But usually homes are classified as investment properties because you have renters. You just can’t switch back and forth and you can only have one primary property. I’m going to refer your comment to someone on our Client Relations team for a more thorough look at your situation. They are off today, but they should reach out soon. Happy New Year!

      Thanks,
      Kevin Graham

  10. Well after reading all the bad things everyone is saying, I’m glad to see that I’m not the only one that has these issues with Quicken Loan. One email says one thing then the closer emails me and says another. Wow that’s all I can say is Wow!

    1. Hey Todd:

      Sorry to hear you’ve had a poor experience with us. I’m going to get this to the right people so it can be looked into. Someone will be reaching out.

      Thanks,
      Kevin Graham

  11. I have uploaded about 48 documents in the process of obtaining a mortgage, not including documents my wife has faxed in. You have collected the perfect database for identity theft, including the names, birthdays, and SSNs of everyone in my family, bank account numbers and balances, tax returns, pay stubs, addresses, etc. I know you will say the site is secure, but dozens of corporations have been hacked. The only failsafe is not holding on to records you do not need.

    What is the policy for how long you will retain these records after closing? Once the mortgage is a done deal and any government required post-closing audit is completed, will you delete all the information no longer necessary to qualify for the loan?

    1. Hi Doug:

      We take the information you provide to us very seriously and treat it with the respect and care it deserves. You’re correct to say that the best way to make sure information doesn’t get into the wrong hands is not to have it at all. We’re required to keep certain information for a period of time in order to maintain legal compliance. I’m going to pass on your question so that someone can get back to you about the security policies we have in place and how long we hold your information.

      Thanks,
      Kevin Graham

    1. Hi Joni:

      In order to protect the privacy of our clients, we cannot share the circumstances surrounding any loan issues faced by other clients. That said, I’m going to have someone reach out to you and provide an update on your loan process and make sure things are going as smoothly as possible.

      Thanks,
      Kevin Graham

  12. Quicken loans let me know 1 week before my loan is/was to close the mortgage banker made a mistake and put me in a loan I do not qualify for. It has been 30 days, I’ve received “we look forward to closing early”, “we have everything we need”, positive phone calls…while all along they had me in the wrong loan. I have removed the lien on my property leaving them no excuse to close ( a cash owned property) and honor their rate. With the new 3 day, and not receiving any paperwork, I think they will miss it. I am curious their plan to remedy what will effect my family for 30 years.

    1. Hi Marissa:

      We’re sorry you’ve had a poor experience. I’m going to have someone look into this and get back to you. Thanks for reaching out.

      Kevin Graham

  13. I have discussed with Quicken Loan guys that we have to close the house by end of the year and i was told that we can do it. Till last week we were sure that the closing will be on 12/28/15. I just saw a message from Courtney Milner that we cannot close it on 12/28/14 and she is saying it will be on 01/04/16.

    I donot know how this impact me since my purchase documents says we have to do it by this date and if not I may lose my earnest money deposit and the price offered on this house may not be good and I may have to pay 200/Day.

    So quicken loans will be taking care of this payment if it cannot happen by the said date before. Please let me know why should I be the person suffering this loses since I have been asking you guy right from start if you can close or not. If not i would have gone with the builders lender and they would have closed it.

    Thanks

    1. Good afternoon, Niranjan:

      I’m sorry you’ve had less than the best experience. I’m going to forward your concerns to the appropriate people and see if we can get you on the right track.

      Thanks,
      Kevin Graham

  14. I currently have a loan with QL. I was told I could use a voucher (Silver from a friend) for the next one with QL.

    I am just about to close and will be rescheduling as at no time was I given the chance to use a Silver code. The whole loan process started and was scheduled to finish in 4 days.

    Until the Silver code can be applied, I will be calling the Notary to wait for paperwork that includes the applied credit.

    1. Good morning, TR:

      I’m going to pass this along to the appropriate people and we’ll see about getting that code applied. Thanks for reaching out with your concern!

      Thanks,
      Kevin Graham

  15. Quicken Loans has a 5 star rating and in large part has been excellent to work with. However, we hit a snag with a VA loan through them 2 1/2 weeks ago, one which I felt would not be resolved, so I suggested we convert to conventional, as my lock on interest was looming ahead on Dec. 29, 2015. I had contact with the Director of Mortgage Banking and others working on it, but it was not until last Friday that I convinced them to switch over to a conventional loan. All information is in and I’m facing the 3 day waiting period, but I am leaving for Alaska on December 23 and won’t return until January 2, 2016. I do not know how we are going to get this loan closed and I’m concerned. If we’d switched when we hit the snag, there would have been no problem. Right now I feel like I’m in an uncomfortable limbo.

    1. Hi Frances:

      I’m going to get this in the hands of the right people and we’ll see if there’s something we can do to get this resolved.

      Thanks,
      Kevin Graham

    2. Thanks Frances for heads up. I am also planning on using a VA loan and would like to iliminate this hurdle if possible. This was very helpful.

      1. Good morning, Dan:

        I understand your concern. While there are occasional hurdles in the loan process, you may find that you have no trouble. It’s also important to realize that every situation is different and our clients don’t always face the exact same challenges. In any case, we work our hardest to make sure every client has the smoothest loan experience possible. If there are any bumps in the road or you have questions, we’ll be there to help you out every step of the way.

        Thanks,
        Kevin Graham

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