Federal “disclosure” forms define the information that creditor businesses MUST provide to consumers when they are applying for real estate loans.
As of Oct 1, 2015, lenders must provide TWO New “TRID” disclosure forms for the most common kinds of real estate loans. First, is the Loan Estimate, which covers the key features, costs, and risks of a mortgage loan.
For an approved loan, this must be provided for the consumer within 3 business days of the loan application. If the loan goes forward, the Closing Disclosure form, covering key transaction costs, must be delivered at least 3 business days before loan consummation.