Tip 13-2016: TRID – Last Minute Changes on the CD
Here is another example of why it’s important to stay flexible during the closing process now dictated by TRID regulations. Although lenders theoretically have to tell the Purchaser how much money is needed for the closing well in advance of the actual settlement, it still doesn’t always work that way.
Providing the Purchaser with the CD three days in advance of closing has helped resolve questions regarding the breakdown of various closing fees. The CD can give the Purchaser a good idea of how much money to bring to closing. (An answer to the Purchasers’ most frequently asked question, “How much money do I need for my closing?”) However, the actual CD at closing can still change between the three-day delivery and the actual closing, thus causing a last minute change in the amount the Purchaser must bring to closing.
The good news is that any such changes are normally not a large difference.
Tip: Remind your Purchasers that the final numbers on the CD could vary at closing from the CD version they were provided three days prior, and that a last minute change in the amount needed to bring to closing is not uncommon.
William (Bill) D. Tucker, III
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