TRID Three-Day Closing Disclosure Rule


Effective October 3, 2015, the Consumer Financial Credit Bureau ("CFPB") requires creditors of certain loans to deliver the Closing Disclosure to the consumer at least three (3) business days prior to the date of consummation of the transaction. The three days is calculated based on the method of delivery-


Electronic, Courier or Hand Delivery of TRID Disclosures



Closing
Monday

delivery by
preceding
Thursday

Closing
Tuesday

delivery by
preceding
Friday

Closing
Wednesday

delivery by
preceding
Saturday

Closing
Thursday

delivery by
preceding
Monday

Closing
Friday

delivery by
preceding
Tuesday

Closing
Saturday

delivery by
preceding
Wednesday

Mail Disclosures




Closing
Monday

delivery by
preceding
Monday

Closing
Tuesday

delivery by
preceding
Tuesday

Closing
Wednesday

delivery by
preceding
Wednesday

Closing
Thursday

delivery by
preceding
Thursday

Closing
Friday

delivery by
preceding
Friday

Closing
Saturday

delivery by
preceding
Saturday

*12 CFR § 1026.19(f) Mortgage loans secured by real property - final disclosures -

(1)Provision of disclosures -

(i)Scope. In a
closed-end consumer credit transaction secured by real property, other than a reverse mortgage subject to § 1026.33, the creditor shall provide the consumer with the disclosures in § 1026.38 reflecting the actual terms of the transaction.

(ii)Timing -

(A)In general. Except as provided in paragraphs (f)(1)(ii)(B), (f)(2)(i), (f)(2)(iii), (f)(2)(iv), and (f)(2)(v) of this section,
the creditor shall ensure that the consumer receives the disclosures required under paragraph (f)(1)(i) of this section no later than three business days before consummation.



(iii)Receipt of disclosures.
If any disclosures required under paragraph (f)(1)(i) of this section are not provided to the consumer in person, the consumer is considered to have received the disclosures three business days after they are delivered or placed in the mail.



(iv)Consumer's waiver of waiting period before consummation.
If the consumer determines that the extension of credit is needed to meet a bona fide personal financial emergency, the consumer may modify or waive the three-business-day waiting period under paragraph (f)(1)(ii)(A) or (f)(2)(ii) of this section, after receiving the disclosures required under paragraph (f)(1)(i) of this section. To modify or waive the waiting period, the consumer shall give the creditor a dated written statement that describes the emergency, specifically modifies or waives the waiting period, and bears the signature of all consumers who are primarily liable on the legal obligation. Printed forms for this purpose are prohibited.