TRID TRIVIA- True or False
The lender must require income and asset documentation to release a loan estimate of fees.
FALSE. We can ask for it, but its not mandatory. However...and that is a big however.... to be accurate and consult them correctly, its a best practice. Encourage clients to submit this information to get a pre approval letter!
NO FEES can change once the CD (Closing Disclosure ) has been released to the buyer.
FALSE. As long as the fee in question does not affect the APR by >.125%, the CD can be updated up until the closing hour!
ps. CLICK HERE to see why mortgage rates were HIGHER this week!
pss. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
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