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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. We have had to show documents more than once, had a conference call with our current lender showing our payments have been current for the past several years and still QL wanted documentation of the past 2 years current. That issue was finally resolved, after several trips to the bank and repeated phone calls, then didn’t need them..due to the conference call with the current lender. Now we have had an approved FHA appraisal company come and appraise the house, and was cleared with only a minor repair to some chipped paint on a door (that has been repaired). Now, even though the appraisal company, we paid for and QL hired, has approved the appraisal and cleared the entire house for an FHA loan, QL has informed us that at our own expense we may have to have a licensed and bonded roofing company come and inspect the roof. As I stated before, the appraisal company they hired, at our expense, cleared the roof also. WHY would we need another company to come and inspect the roof???

    1. Hi Bradley and Terri:

      I’m sorry your experience with us hasn’t been the best. We’d like to look into this issue. Someone will be reaching out to you soon about this.

      Thanks,
      Kevin Graham

  2. New here and everything seems to be working ok, despite all the negative comments i have read! Being positive is the goal!!

    1. Hey Andrew:

      We definitely plan on keeping your process as smooth as butter. We like the positive attitude and we’re going to keep you that way!

      Thanks,
      Kevin Graham

  3. The following questions are in reference to closing a Quickens Loan.
    Who does Quickens Loans Title work?
    Are they licensed to write title insurance?
    With the new TRID laws where can a closing take place?
    Are they in violation of TRID not closing at an attorneys office?
    If this Quickens Loan is allowed to close at the persons home or at another office who is there representing Quickens? Is it just a roving notary that notarizes paperwork? If so they cannot answer questions about this loan correct? How is that handled?

    1. Hi Debbie:

      We can meet you anywhere that’s convenient. The TRID laws don’t affect that. As for your other questions, I’m going to pass them along to a Home Loan Expert that can help answer any of your questions or concerns around the closing process.

      Thanks,
      Kevin Graham

  4. Thank you for the information in the article. I also wanted to comment because of the excellent experiences I’ve had with Quicken so far. I’m working on my second loan with them. The first one was completed super smoothly and quickly and so far it appears this one will also. I made my first inquiry yesterday, got all the requested info back, had another question I had to respond to today. I’m pre approved and the appraisal is scheduled for tomorrow. I’ll be back to comment if things should change, but I was super happy last time and have no reason to think I won’t be similarly pleased this time. I wouldn’t be working with Quicken a second time if I weren’t happy the first!! I’m bummed about the 3-day waiting period but kind of understand it. Kind of!!

    1. Hi Julie:

      That’s the kind of thing we absolutely love hearing. We’ll make sure that things keep going super smoothly and that you’re kept informed throughout the process.

      Thanks,
      Kevin Graham

  5. I do agree with a lot of these complaints. It seems as if everything starts off and goes and then everything just comes to a hault. I too am very frustrated and this is my 2nd time to refinance with Quicken. I had a really bad experience the first time and this one seems to be slowing down. When I tell people I am going to close, they keep saying you said that last week. I too feel like I just keep saying it and it will never happen. I have 3 people working on mine.I just need for this to be done and over.
    Bianca

    1. Good evening Bianca:

      We never want to hear one of our clients has had a bad experience. We’ll be looking into this tomorrow. Thank you for making us aware of the problem.

      Sincerely,
      Kevin Graham

    2. I hear you Bianca, same story here. I just had my senior loan specialist move my loan to yet another Quicken loan because “he got promoted” . Really??? I get promoted, I still finish my previous commitments and not play hot potato with my loan till enough time passes that the sellers are ready to pull my deal. Exhausted….

      1. Hi Derek:

        I’m very sorry to hear you’ve had less than the best experience. We don’t want our clients to feel like they’re just another loan, because you’re not. I’m going to have someone reach out to you and we’ll get this on track.

        Thanks,
        Kevin Graham

      2. Ditto,

        I’ve missed two closing dates and am now ready to miss another one. The sellers were at the table today signing and I couldn’t join them. Quicken told me to push it to the 23rd and my sellers agreed. Now quicken is saying the 30th!!!!! I can only imagine what the sellers are thinking. I provided documents on top of documents, explanations after explanations only to hear ok and then well not yet. This time the excuse was they needed to do on final review…at least four days. This is the first and last time I’ll try quicken. Nothing Quick about Quicken. Sols me on there process up front and now I’m at their mercy.

        1. Hi Darryl:

          We’re very sorry to hear you haven’t had a good experience with us. I’m going to have someone reach out and look into your issues to get this turned around.

          Thanks,
          Kevin Graham

  6. I have read mostly all the comments and from what I gather, I am afraid that I will never close on the home I am trying to purchase.
    I have been asked for so many documents, over and over again; that I whomever is responsible is simple not interested in due diligence.
    It’s at a point that I am leaving tomorrow to the West Coast where I am relocating for my job. I will bet they’ll ask for more documents even though they state they are working on the last one.
    Someone mentioned about being frustrated, I am not just frustrated’ rather , gasping for air. It seems buying a property these days require rocket science.

    Please speed up the process, there’s no need for one piece of document to take days to process.

    Otto

    1. Otto:

      We never want to hear one of our clients feels this way. We’ll be having someone reach out to you to look into your paperwork issues. Thanks for making us aware of the problem.

      Sincerely,
      Kevin Graham

  7. I’m also trying to refinance and so far I guess it’s going how it should and time will tell. Maybe it all depends on just who you get to deal with. obviously how people take their jobs can make a big outcome for someone’s experience.

    1. Hey Mike:

      I can tell you we take each and every client seriously every time. Your loan is in very good hands, but I’m going to have someone reach out to you tomorrow to give you an update and answer any questions you may have. Have a good night!

      Thanks,
      Kevin Graham

  8. I agree with many of the comments here.
    Quicken loans is great to get you a pre approved loan but when handed off from that sales guy who got you to sign the contract gets handed off to someone else the quality drops off.

    A disgruntled customer that ismgetting more disgruntled every day

    Rex

    1. Hi Rex:

      We’re sorry to hear you’re feeling disgruntled. Someone will be looking into this and reaching out shortly.

      Thanks,
      Kevin Graham

    1. Your post hasn’t been deleted. It still shows up. It may have been moved into a thread because it’s been responded to. I’ve sent your comment through our system so someone will be looking into your issue.

  9. So angry. My loan on myql.com said it was in final review on the 1st of December. I have been in contact with my senior purchase specialist on the 1st and the 2nd and he said it was in final review. I called for an update today December 3rd and he said my loan can not go into final review until my rate was locked. Why wasn’t my rate locked in on the 1st? They are also saying I have to wait 10 days after my loan is finalized to sign the papers. In the website it says 3 days not 10. So with the 10 day waiting period I would have had an extra weekend to move before Christmas. Now I only have 1 weekend before Christmas to move. I have had numerous issues with Quicken. I do know that there are many people with other mortgage companies that are unhappy as well but it seems that there is a lack of communication within Quicken and its various departments.

    1. Hey Nick:

      We’re sorry to hear about your experience. I’m going to have someone look into this to see what’s going on here. They’ll be in contact with you.

      Thanks,
      Kevin Graham

  10. So far we have been,” just one more thinged,” to death during this GI home loan process, as it drags along. We feel more like more as employees than as a customers of Quicken Loans®. We know that they will find that we have never missed a mortgage payment, since our first one in 1983.

    1. Hi Vic and Sue:

      We value having you as clients and you aren’t just another loan. I’m going to have someone look into your situation first thing in the morning and see what we can do to help get this turned around. Someone should be reaching out.

      Thanks,
      Kevin Graham

  11. I’ve been the one that has been delaying things because I didn’t have an understanding of the FHA requirements. After I found them out I have been nonstop getting everything squared away. Should have everything done and to requirements as researched. Been rough month or so but quicken has been great and understanding. Weather seems to be the obstacle stopping my final requirement.

    1. That’s good to hear, Troy! Glad we’ve been able to help. Hopefully the weather gets better soon where you’re at. Mother nature tends not to be very considerate of our plans. Have a great day!

      Thanks,
      Kevin Graham

  12. have just started on refinance of my home, tried going through wells fargo but didn’t work out because of all the documentation they kept requesting. have been assured this will be much easier at QL. hope this is the case so I don’t have to pull my application this time. thanks philip reis

    1. Hi Philip:

      I’m confident your loan process will go well. We pride ourselves on making things smooth and easy. That said, I’m going to have one of our Home Loan Experts reach out and make sure to keep you updated.

      Thanks,
      Kevin Graham

    2. Trust me Philip it is not easier here. I have been asked for the same paperwork over and over I am to close in two weeks and still do not have a commitment after a month. They are still asking for paperwork. Do not be fooled by “PRE APPROVAL or CONDITIONAL APPROVAL” it means NOTHING they just want you to think you are getting somewhere. Use caution spending any money on inspections or you may loose out.

      1. Hi Randy:

        We’re sorry you’ve had an experience that’s less than the best. We’d like to look into your situation and see what we can do about turning this around. Someone will be reaching out.

        Thanks,
        Kevin Graham

    1. Hello, Diana! I’m going to put you in touch with a home loan expert from Quicken Loans®. They’ll reach out to you about your situation!

  13. I have found QuickenLoans to be a highly regarded 3rd party lender. My S&L broker was very slow to respond. You even publish letters of critics of your firm for all to see. The only complaint I have is the sub market insurance brokers trying to sell me a mortgage cancellation policy on my ( I am 85yrs old)brand new 30 year VA ReFi. Considering that the appraiser went all out to give me a 90% L to V. It should be obivious the underwriters would have killed the offer. I never could get anyone of the 6 to quote me their premium.

    1. Hi Morgan:

      We’re glad you think highly of us. We would like to look into your experience with someone trying to sell you a mortgage cancellation policy, though. A Home Loan Expert will be reaching out to you in the next day or so.

      Thanks,
      Kevin Graham

  14. as an investor I have done 4 cash back refi’s in the last year and yes there is a lot of paper work some of it is redundant but its the same with most mortgage companies and their rates are in the ball park and had no problems with low ball appraisals.

    1. Hey Erle:

      Are you having a loan issue? You don’t have to subscribe to Facebook. We can take care of it right here. I’m going to have a Home Loan Expert reach out to you.

      Thanks,
      Kevin Graham

  15. I started my loan process with Jake in Michigan and he was incredible. Then I was passed to o to another division and the process and paperwork has been unbelievable. They ask for unrelated financial information even want bank records of my inlaws. My down payment came from my savings account and deposited with the ritle companies escrow account, they could have simply called the escrow company to ask if the funds are there but instead i have to show them where my money in my savings account came from. Ive faxed over 90 pages of information to them. And every time I think its over i get more requests. I wven have to tell them my plans for what i will be planning to do with my current home. It has to be aigned and dated my home is not even being used for collateral. Ive gotten loans for homes cars etc. This is by by far the most difficult process to get a loan I ever have experienced. I would not recommend to anyone to use Quicken Loans®. Also i was quoted 3.5% and when the paper work came it was 3.99% which is still a good rate so I just took it. I was told they would beat the LoanDepot rate which was 3.75%

    1. Hi Bruce:

      We never want to hear one of our clients has had a less than satisfying experience with us. I’m going to pass your comment along so someone can look into your situation and reach out.

      Thanks,
      Kevin Graham

      1. I’m starting to get discoraged with the way my refi is being handled by quicken loan reps. Seems like In house com munition needs some training, it’s been over a month now, sending e mail after e mail faxes etc. and still no closing date yet. Do you people. Have too many loans to properly work on them in a timely fashion? Let’s get with the program people. I need a closing date so that I can make some type of plan for the Christmas holiday. And not just wait on quicken every day, to resolve things that seem simple, to keep the process moving along.please look into this for me. Bob

        1. Hi Bob:

          We’re sorry to hear you’ve had a less than amazing experience. We will definitely be looking into this for you. Someone will be reaching out shortly. Have a great day!

          Thanks,
          Kevin Graham

  16. I’m feeling more and more like I have become a victim of the bait and switch. I have read so many reviews from Quicken customers who went through very similar situations and ended up being ripped off of their deposit without ever closing their loans. As of now, I am supposedly stuck because they want the SELLERS payment history to prove that I am not related to the seller? Which I am not, by the way. Found the house on Craigslist, did a lease to own agreement. Moved in, paid my rent on time, saved my money, repaired my credit, have a good stable employment and so on. Was pre-approved without a hitch. After taking my deposit and sending an appraiser, we are apparently at a standstill because of this ridiculous request. I cannot find it anywhere in FHA documentation that this is required and the seller has been building and selling homes for years, says he has never been asked for it. I should probably cut my losses while they are small and deal with someone local and face to face. This has been a hassle and nothing more. I want my money back if I can’t get the loan. Also, closing has been pushed back and payment raised 25 dollars more already.

    1. Hi Asad-

      While I can’t comment on your personal situation without knowing more, mortgage regulations are often very complex. I can assure you we’re not trying to bait and switch you. I’m going to pass your comment along to a Home Loan Expert that can reach out to you about this in the next few days.

      Thanks,
      Kevin Graham

  17. Mike Lyons of mortgage operations,

    Please call me about questions concerning the appraisal process. Thank you

    Amy Springstead

  18. How long can a pre approval take? Credit score shoulfd be where? Does down payment size have a bearing on a quick pre approval?

    1. Nancy-

      A preapproval doesn’t take very long at all. We just get some information from you regarding income and credit. Your credit score depends on the type of loan you’re applying for. For conventional, you need 620. FHA goes down to 580. Your down payment size may affect the amount of the preapproval, but it won’t affect the speed of it necessarily. I’m going to set you up with a Home Loan Expert that can help you get started.

      Thanks,
      Kevin Graham

  19. Many people in this thread said many good things about QL. I am a new buyer who started the process with QL a few weeks ago. I have been in the market for a home for the last two years and have not gone this far with anyone of the lenders I talked to in the past.

    Here at QL, the people, the process and contents of the communications have been caring, efficient and respectful. Even if this deal does not go through for any reason, I will walk away from this process with the greatest sense of satisfaction and appreciation.

    I truly learned a lot and I have not felt stress and intimidation. I am having the inspection on the house done tomorrow and I am now collecting the final set of documents requested. I wish they could also refinance my Toyota Camry 2014 that I had for the last 19 months.

    If anyone is in the market to buy home, these are the people to talk to and the company to work with.

    1. Hey Belete:

      We’re so glad you’ve had a great experience with us. Sadly, we only do mortgages, but we’re glad you’ve liked everything so far.

      Have a stupendous day,
      Kevin Graham

  20. Since I have changed over to Quicken Loans®, I love the way the agents take care of you and call you in the process of when the interest rates drop. Plus no money upfront to close on a lesser interest rate. I also put my confidence in the group that handles our loan . I have been so very happy with them I will tell everyone I use Quicken Loans®. Thanks so much for having our backs on our House Loan.
    Best Regards,
    Deborah Sclafani -Liuzza

    1. Thanks, Deborah! It’s the ultimate compliment when our clients have such a good experience they want to tell everyone they know. We’re happy to have played a small part in making your house a home!

      Thanks,
      Kevin Graham

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