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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. Be prepared to pay much much more in closing costs than what quicken states in the early document. They tried to scam me out of 2300.00 more than what they originally told me the costs would be. I didn’t sign. Why would I want a company that lies to hold my deed?

    1. Hey Roland-

      We’re sorry your experience hasn’t been great. We would like the opportunity to look into this. A home loan expert will be reaching out to you.

      Thanks,
      Kevin Graham

    1. Glad to hear it, George! Your loan is in great hands! We’ll make sure to pass on your compliment to Jason. Have a great day!

      Thanks,
      Kevin Graham

  2. The customer service at QL has been great however the title process that includes this disclosure form has been problematic. Right now this closing disclosure form is the only thing that is holding me up from closing.

    Title work has to be done then the form has to be drawn up.

    By the way it’s been presented to me that there is a five day waiting period and not a three day waiting period after I sign the form. If by some miracle the form is presented to me today then theoretically I could still close on Saturday…

    1. Hey David-

      Assuming you’re getting your documents through MyQL, it should be three business days. It’s important to note that Sunday doesn’t count and the person you talked to was probably factoring in Veterans Day as well. That said, we’d like to look into your title issues and see what we can do about getting you your closing disclosure. One of our Home Loan Experts will be reaching out.

      Thanks,
      Kevin Graham

  3. Thank you for the information. We closed with Quicken in May 2014. It was a very easy process and I do not remember if I passed on kudos to the team at that time. We were always informed ahead of time, with clear responses to our questions (many of which now seem dumb- we were first time home owners, immigrants from a foreign country , so everything was new for us). The team led by Devin did a great job and we couldn’t be happier. Today, after nearly 18 months of mortgage payments and escrow adjustments, I can tell you that Quicken truly amazes !!

    Great going guys ! You have me for life as your customer.

    Davinder

    1. Thank you, Davinder! We’re glad you had such an amazing experience! We’ll pass on your compliment. Have a great day!

  4. I am petrified from reading all of these…My experience has been amazing so far and was told I would be closing this wee….now thinks seem to be changing…was just told “my loan is under final review” so what does that exactly mean??? Sounds like from what I have been reading, it means sit there and wait awhile!! Please do not tell me you will have a Loan expert reach out to me, to pacify me…
    I am really nervous – especially seeing that this is a VERY common complaint…..I have been more than thorough – even sending in more than required…..I AM EXTREMELY CONCERNED

    1. Hi Deana:

      Your confidence in us is very important. The loan process can at times be complicated, but we’re here to help you through this. Although I have every confidence things are going smoothly with your loan, I’m going to have someone reach out. We’re not doing this to pacify you. Rather, we’d like to address your concerns and reassure you that everything is going well and your loan is in good hands.

      Thanks,
      Kevin Graham

  5. We are in the final stages of closing with our anticipated closing date on November 13th however due to a delay with the closing agent we did not receive our closing disclosure statement last Friday as expected. I was told that due to the three day notice period and the fact that Wednesday is Veterans Day that we would need to receive the disclosure statement today in order to close on the 13th. I know that the three day notice is business days but I’m a little annoyed that a federal holiday is excluded given it does not change the number of days that we have to review the closing statement but could push the closing to the next week as a result. This is probably a stupid question but do the new guidelines specifically refer to federal holidays not being counted as business days?

    Thanks,
    Sam Eddy

    1. Hi Sam-

      Unfortunately, the guidelines specifically state that a federal holiday such as Veterans Day cannot be counted as a business day under the new regulations. You can view a presentation on the guidelines from the Consumer Financial Protection Bureau. If you’re a Quicken Loans® client, I’m also going to have a Home Loan Expert reach out to you and provide an update on where things are at.

      Thanks,
      Kevin Graham

  6. Question, If my loan team were to provide me with my closing disclosure today 9 Nov, even with Wednesday being Veterans day, I would still be able to close on Friday November 13th per the new rules correct? 13 November was my original closing date, but last Friday I got a call saying that it would be pushed back to the 20th of November because they were waiting on an Appraisal Addendum,for a half bath that was not in the sketch but was included in all the other paperwork. Anyway I digress, now they want to close on 20 November, which is a day after my interest rate lock expires….hmmmmm. I have had great experience with Quicken up to this point and didn’t even mind having to send in letters of explanation for everything under the sun, but I am frustrated at this point, my loan is in final review. I’m just curious about the 3 day thing. Thank you

    1. Hi Rebecca,

      Because it’s a federal holiday, Veterans Day doesn’t count as a business day under the new regulations even though we’re open. It sounds like the timing issues may go deeper than your disclosure period, so I’m going to have one of our Home Loan Experts reach out to you. I’m glad you had a good experience with us thus far. We’ll make sure everything stays on track. 🙂

      Kevin Graham

    1. Good morning Michael:

      We’re sorry you feel your loan process is moving slowly. I’m going to pass your comment to one of our Home Loan Experts so they can look into the issue and get back to you. Have a good day.

      Thanks,
      Kevin Graham

  7. I been have a process with QL for the last couple months I suppose to close on Friday Nov 06,I up everything go well this time,to tell you the thru the staff all nice,love to work with them,thank you ,Sydney,Dominique,Dave,and alex,the always be there for you went you need them thanks QL.

    1. Good morning, Rene:

      We’re glad to hear you’ve had such a good experience with us so far. We’ll make sure the team hears your kind words. Your loan is in good hands and I’m sure you’ll close on time, but I’m going to have one of our Home Loan Experts reach out to you and provide an update. Have a great day!

      Thanks,
      Kevin Graham

  8. When I started my process, I didn’t think it was going to work.
    I had tried so many different banks, but I didn’t have any luck. I called and spoke whit Jacob Lakritz and when he promised he was going to do his best to help me I thought to myself that there is no chance, but it wouldn’t hurt to try. After couple of hours he called me back with already good news. I had such a difficult case and therefore I thought it was never going to work. However, Jacob is a fantastic banker, he and his team are absolutely amazing. He is very responsible and a great communicator. There have been many times that I called him several times a day and he always responded within a very short time.
    I absolutely recommend Quicken Loans®, especially Jacob Lakritz and his team including Gabriela, Craig, Zach and Sharon.

    Thank you

    Sincerely
    Tamara Avetisyan

  9. I am getting my second mortgage with Quicken in 5 months. The process is a little different than what we normally see, but much better. Dates were not delayed, everyone was completely above board with me. All questions were addressed the same day, if no immediately. Closing went without a hitch..

    1. Hey Sean:

      So far, closings with TRID have been going very smoothly. Everyone involved just has to make sure the stay on top of things. We can have someone reach out and update you on your loan process.

      Thanks,
      Kevin Graham

  10. Ed Delbeccaro and Joel Frazee at Quicken Loans® have been a pleasure to work with, highly experienced and recommended to get your mortgage done thanks guys for the smooth mortgage process thus far.

  11. My husband and I have purchased and refinanced a few homes over 42 years. We refinanced a home loan last February through Quicken. Quicken Loans® was by far the easiest loan process we have ever encountered. Shortly after refinancing, we purchased a rental house through a different lender. I wish we had gone through Quicken for the rental property. The other lender was frustrating in all the documentation they required. They constantly requested documents which delayed the process. The people I dealt with at Quicken were friendly and helpful. I always received a quick response to questions.

    Quicken’s online payment system is very simple as well. I love it. Just a few clicks and the payment is made. Very easy. I highly recommend Quicken Loans®.

    1. Hey Sharon:

      We’re sorry to hear about your experience with the other lender. We’re glad to hear your experience with us went so well. If you need a mortgage in the future, you know where to find us!

      Thanks,
      Kevin Graham

  12. I refinanced with Quicken last December, and couldn’t believe the negative comments posted. They did exactly as they said, and closing was quick and easy. Nothing was changed secretly. I highly recommend Quicken Loans®, and certainly would use them again. The new way seems like it will make things easier for the consumer to understand, and the “old” way worked perfectly fine. None of my personal information was in anyway compromised. They saved me $250 monthly off my previous mortgage payment, which I now can use for something else!

  13. To whomever,I started this process 1st week of Oct..Are in final stages of underwriting review,had to send Quicken 2 letters of explanations ,had to have wood rot and door frame painted and reinspected,for FHA loan.Had to do 3 way call with current mortgagee,the process can be challenging,then I wanted to make some changes and dealt with the banker who started the whole thing.That being said I believe Jennelle,Jammar,and any other Quicken employees have done a above and beyond job duty.I hope to close by mid next week.If I could afford it I would give them a Fat Raise! I will recommend Quicken Loans® to everybody.Process is grueling but well worth it in the end.Best of Luck to All !

    1. Hi Tom:

      I’m sorry for the delays in your loan process. We’d like the opportunity to look into this and get things turned around. I’m going to send your comment to one of our Home Loan Experts.

      Thanks,
      Kevin Graham

  14. These comments have me wondering about my loan now , I was suppose to have closed on the 14th of this month and still nothing yet

    1. Jamie-

      We’re sorry to hear about the delays in your loan process. I’m going to pass your concerns onto one of our Home Loan Experts to look into in the morning.

      Thanks,
      Kevin Graham

  15. Previous comment… email was wrong – spell check changed it to paganism@me when it should be haganism@me and I didn’t see it until I hit the submit button. I feel the comment is worth posting.

  16. It’s unfortunate that almost all comments posted here are negative. I have dealt with other mortgage companies, banks, etc on several properties and not once have I experienced the prompt response, knowledge and polite customer service as I’ve had with QL. I understand that depending on the financial standing of the borrower can often complicate the process including titles, liens, etc which is no fault of the QL staff. The loan and closing process can be complicated or it can be simple based on the previous lender, loan to value ratio, etc. but I can assure anyone who questions using this lender that this is by FAR the best experience I have ever had. The numbers are correct, the closing costs are fair, the rates are great, the time to close was awesome (closing tomorrow – already received call from closing agent for final directions to my office) and I’ve never felt better about such a huge investment in my life. Even my first home purchase years ago which was only a $14,000 starter… QL has this process down and deserves someone to chime in and give them feedback they deserve as being a top shelf group who do their job, do it well and have yet to drop the ball on me once. I’d do it again in a second.

    1. Kevin-

      We appreciate the kind words. We’re glad you had such a great experience. Have a great day!

      Thanks,
      Kevin Graham

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