The CD is designed to help the borrower easily compare the initial Loan Estimate and the Closing Disclosure. That is what many borrowers always wanted, and me too! There are two changes that will definitely add days to the loan process which has already caused a few collective groans with borrowers, realtors, and loan officers. Sometimes time is of the essence and with 2 new additional 3 day wait periods before being able to order an appraisal and upon receiving closing disclosure, we all have to account for that additional time. Many loan officers and their companies may not be very prepared for all the changes TRID provides and that could add further delays if errors are made along the way to drawing final loan documents. Mason McDuffie Mortgage Corp. put a lot of thought into how the many changes could affect the loan process and have provided a text for us to follow so we each avoid unnecessary mistakes. They even hired more people to help us oversee the many steps along the way that could delay a loan if not properly addressed.
All in all things have opened up for more first time buyers to qualify for mortgage loans and we think as more banks and mortgage brokers get their systems in place an extra 6 days need not delay anyone's loan significantly. Anyone set up to fund a purchase loan in 21 days just may have to count on 27 days minimum time to funding. Since most escrows are 30 days or more that should not pose a problem for most borrowers. Generally, realtors will want to try and get a 45 day escrow in most cases to be on the safe side!