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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 200 Comments

  1. I wish I had read the comments prior to starting this process. However, most of the set backs to ours was unavoidable things. I have a friend going through the process through a local company and hers has been no easier. Actually, I have found everyone at quicken to be helpful and have loved the team that we are working with. However, we are supposed to close Friday the 23rd so we will see if it happens. Not sounding promising after reading all the comments. If it happens I will give positive feedback and hope to others. Good luck in the home buying process.

    1. Misty-

      The mortgage process can be complicated, but we hope to make it as smooth as possible. We’re glad to hear you’ve had a good experience with our team thus far. Your loan is in good hands, but I’m going to have a Home Loan Expert reach out to you with an update.

      Thanks,
      Kevin Graham

    2. Misty-

      Congratulations on closing your loan! We’re very happy for you and glad we could help!

      Have a great day,
      Kevin Graham

  2. Getting a little nervous, everything started smooth have a few hiccups but still praying it will all be great in the end! I have to say my team is excellent, David Estes and A J are great and really have been a pleasure to work with!

    1. Deb-

      We’re glad to hear you’ve had a great experience with our team. We would like to make sure everything is on track and get you past the bumps in the road. I’m passing your comment along to our client relations team. Have a great day!

      Thanks,
      Kevin Graham

  3. Thanks Quicken Loans®, Steve, Marcus, Kevin, Gabrielle and especially Ashley! I know I needed a little had holding through this process and I appreciate that you guys were all there for me and my husband.💝

    Sincerely,
    Susan Tront

  4. My initial contact was made on Oct 9 and a follow-up on Oct 13 to start the loan process. I have to say things are scary and a 30 year/fixed rate has been promised to me as well. I’m doing a VA loan so there are some additional step I am required to do in the process. I haven’t really had any surprises except them wanting a copy of my divorce decree? I complied. I don’t want this process to stretch out into a two to three month ordeal. AND I certainly don’t want to run into any unexpected costs at the end. Can someone give me an idea of what other costs came up at closing?

    1. Hi LaTina-

      The mortgage process does require us to gather lots of information from you. As far as closing costs, these are very limited in the ways they can change from the initial Loan Estimate and some things cannot change at all. Third-party costs (things like appraisal, taxes and insurance) may go up as much as 10% from the initial estimate. I’m going to pass on your comment to one of our Home Loan Experts and have them reach out to you. Have a good day!

      Thanks,
      Kevin Graham

  5. My experience is becoming more unmanageable everyday!!! Everything’s changed from kind of loan to how much I need closing dates everything I am about feed up but I do not wanna start over but it seems that’s what I am gonna be made to do! My loan be processing since 8-29-2015 and has never closed I have paid for inspection twice because they expire rediculious!

    1. Good morning, Renee. I’m so sorry to hear that you’re having a poor experience. I’m going to have our client relations team reach out to you to get some more details.

    1. Hi Susan-

      It’s understandable that you would be nervous in dealing with such a big financial transaction. If you’re currently in the process of getting a mortgage with us, be assured that one of our Home Loan Experts will be there to help walk you through any questions or concerns you might have. I’m going to pass your information on to those experts and someone will reach out to you.

      Thanks,
      Kevin Graham

  6. I had some concerns along the way, but as long as I compiled with what was needed (honest, question asking people) things went smoothly. It pays to be organized wehen going through the process. The loan was started with Nick Dunford and end with Martin Wisor with several team members to answer any questions along the way. We are better off in the long run and am blessed they were able to help. Our loan was disbursed today.

    1. Hey, James! We’re actually a mortgage company called Quicken Loans®: America’s number 1 online mortgage lender. If you’d like some more information about us, please let me know! Have a nice weekend.

  7. I start my process the end of August and still no closing!!! We were promise to close everything by the end of September. Well we are already in the middle of October and no answer ,so I decide to call NDia Brooks today. First she promise to call me last Friday never happens!!! I was told today that everything is good to go but y,ou known what? I do not believe that is going to happen because she can’t give a strait answer.So sad! I wast my time for nothing.i have a felling that because we have the rate until the 20 of October so the closing will probably happen after that. Got news for you in our end is not. I call her and told her that you can keep the 500.00 because we are done. Just found out from my Morgate company today that she never request a pay out! Why lying? The last information on my profile post on October,8th was that they already start the pay out Really? I hope I have the answer in 2 days because if not we are going to refinance with our Morgate company.

    1. Good morning James,

      We’re sorry you’re having trouble with your loan process. We’d like the opportunity to look into this for you and get everything back on track. I’m going to pass on your concerns to one of our Home Loan Experts who will be reaching out to you shortly.

      Thanks,
      Kevin Graham

  8. The problem with Quicken is they jump in and get your business and then when the loan amount and payment are displayed, it is different than what you were told verbally. I was quoted a 30 year fixed loan over the phone. When I got the form showing the breakdown, I noticed it was a 5 year arm/30 years. I know what I was told, but what can you do. I’m already going up $300 a month on the payment. Now, if I got the 30 year fixed it would be $400 more a month. They escalate it, but it is just some one who tries to call you and calm you down. They can’t change it. So, you either go with them or move on. There have been several issues with my loan process and I am not happy with it. They want a letter on everything you have ever done. I would not recommend them to anyone and I would want in writing what you were quoted verbally.

    1. Hi Kim-

      We’re sorry your experience with us hasn’t been the best. We would like the opportunity to look into your situation. One of our Home Loan Experts will be reaching out to you shortly.

      Thanks,
      Kevin Graham

  9. What are my final closing costs? I understand my appraisal will be part of it. I have also heard of some surprising costs at the end too. We are refinancing for a reason and extra cost won’t be beneficial for us.

    1. Hello Robert:

      Depending on when you applied (before or after the new regulations went into effect), your loan costs are limited in how much they can change or may not change at all. What can change are third-party related costs such as title insurance and appraisal costs. You can find more information in my post on closing costs and how to keep them down. As to your question on your personal closing costs, I’m going to pass along your information to one of our Home Loan Experts to look into your situation.

  10. I don’t trust none of my personal business being out here like this!!! I hope all of this is secured! I got started 4days ago but haven’t heard back from the guy I originally spoke with named Dave Wimbiski or something like that I don’t think I should have went this route its scary! I like talking and dealing with people in person and I wonder what kinds of interest are on these loans and too I don’t want to pay on nothing for 30yrs cars cost more than some homes and the longest you’ll pay is 6yrs I never understood that. The present home I stay in now was paid in 15yrs! And that’s what I want again if that’s not possible I can’t do business

    1. Hi zelka-

      The mortgage process can be somewhat scary. We understand that you’re putting a lot of personal information out there. We want you to know we take the security of your information seriously and your information is handled with the sensitivity it deserves throughout the process. I’m going to pass along your concerns with your loan process to one of our Home Loan Experts. This is a big financial transaction and we want to make sure all of your questions are answered.

      Thanks,
      Kevin Graham

  11. I digitally signed my loan application in September and have been sending all requested info and documents since then. Now Quicken Loans® is asking me to fill out a new application and no one can tell me why. Is this common? How will I know I’m not signing something that has changed since our original agreement? This makes me uncomfortable.

    1. Good morning, Linton. We certainly don’t want you to feel uncomfortable. I’ve sent your comment to one our client relations specialists, and they’ll be reaching out to you. We’ll figure this out.

  12. I am not to happy about my loan process as things are not happening the way I was promised in the begining of the process. Now we are in the closing process and I’m not happy.

    1. I’m so very sorry to hear that, Jerry. I’m going to have one of our client relations specialists reach out to you to get some more information. They’ll send you an email. We’ll get to the bottom of this together!

  13. We started our process on 19 Sep, and have completed one appraisal, but don’t know that these forms pertain to us. How long should the full process take if everything that is required digitally as well as mail/fax receipt has been completed? Thanks.

    1. Hi Debbie-

      Since your loan process started before October 3, the new regulations don’t apply to your loan. You shouldn’t have to worry about the timing. Have a good day!

      Thanks,
      Kevin Graham

    1. Hey Yoli:

      If you started your loan process prior to October 3, it goes forward under the old process. That said, if you’re working with Quicken Loans®, we strive to make our communications as clear as possible. If you ever have any questions, our Home Loan Experts will be happy to help!

    1. James-

      I’m going to have one of our home Loan Experts reach out to you to get some more information. Have a great day!

      Thanks,
      Kevin Graham

    1. Fred-

      If you’re ready to fill out the full application, we can do that. I’m going to pass this along to one of our Home Loan Experts to help you get started.

      Thanks,
      Kevin Graham

    1. Hi Callie and Bryan,

      We’re going to pass your question on to one of our Home Loan Experts and they’ll be getting in touch with you.

      Thanks,
      Kevin

    1. Hi Johnny,

      It depends on whether the forms are mailed or received digitally. If you acknowledge receiving your Closing Disclosure digitally, lenders can close on the third business day after you receive the forms. For example, if the disclosure is received and acknowledged on Monday, you can close on Thursday. Saturday also counts as a business day for Quicken Loans®. If your closing disclosure must be sent in the mail, the lender must wait to close until one week from the day it is sent (i.e. sent on Monday, close the next Monday).

      If you get your documents digitally, it’s important to acknowledge receipt. The three-day clock can’t start until the receipt is acknowledged. By acknowledging that you received the documents in a timely manner, you’ll be able to close without delays. Hope that helps!

      Thanks,
      Kevin Graham

    1. Hi Paula-

      You’ll see the documents at least three business days prior to your closing. If you receive the documents digitally, be sure to acknowledge that you’ve gotten them in order to close without delays. Hope that helps!

      Thanks,
      Kevin Graham

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