By now, we’re all familiar with the Closing Disclosure delivery period and review period guidelines set forth by the CFPB. The delivery and waiting period guidelines have made it more challenging to plan and schedule signings because the delivery method, non-working days, and federal holidays all have to be factored in when determining the earliest possible consummation date or required delivery date for a specific consummation date. And of course, there’s the 3-day rescission period that applies to refinance transactions.
To eliminate the guesswork and speed up the calculation process for our clients and partners, we are happy to announce the availability of the Ticor Title TRID Calendar. The TRID Calendar is an interactive tool that illustrates all the important dates in three simple steps.Read more...
If a federal holiday falls within the Delivery and/or Waiting Periods, add an additional business day.
The three-day period is measured by days, not hours. Thus, disclosure must be delivered three days before closing, and not 72 hours prior to closing.
Disclosures may also be delivered electronically to the Delivery Period and may be signed in compliance with E-Sign requirements.
Where to Find the TRID Calendar
Access the TRID Calendar at http://ticortitle.com/cfpb/calendar.htm on a desktop, tablet, or mobile device.
How the TRID Calendar Works
Determining the delivery period, review period, consummation date, and rescission period can be achieved in three simple steps:
- Specify loan purpose (purchase or refinance)
- Specify delivery method (personal delivery, mail delivery, electronic delivery)
- Click a date on the calendar to specify signing/consummation date
The TRID Calendar will instantly illustrate the delivery period, review period, signing/consummation date, and rescission period (for refinances) to the calendar.
Save a PDF for Your Records
As a convenience, the TRID Calendar provides the option to create and save the calendar as a PDF. To create a PDF of your illustrated calendar, click the “CREATE PDF FILE” button at the bottom of the TRID Calendar page . The PDF file displays the delivery period, review period, consummation date, rescission period, as well as holidays that occur during any of the periods. Also included in the PDF is an explanation of Consummation.
What is Consummation?
Consummation is the day the borrower becomes legally obligated under the loan, which would be the date of signing, even if the loan has a rescission period.It is important to note the definition of consummation can be different than the closing date as defined in the purchase agreement where the buyer becomes contractually obligated to a seller on a real estate transaction.