Mountain West Financial understands that the new set of disclosures which are due to come out

in three months are paramount for future success in Mortgage Lending. The most significant

aspect of TRID is that most last minute or post-funding changes will no longer be necessary.

Instead, all loan changes will be completed three to four days before signing, in most

cases. There will be no last minute changes to rate, or loan amounts and MLO's/Brokers need to

make sure they thoroughly review the details of their transactions before, and when meeting

with, the Clients.

Below are samples of each page of the new disclosures, which are effectively completed. With

August 1st as the “go live date”, we have three more months of the GFE as we know it now.

The new changes affect a number of aspects of a transaction, however two are fairly significant:

Locks and Change of Circumstances. Below is a completed sample of the “Loan Estimate”

(L.E), which can also be found on the CFBP website.

Let me know what questions you have, as Mountain West Financial has been conducting

trainings for ALL our Staff and have recorded the webinars for YOU, our valued

Customers, to ensure that you will be an expert on the new disclosures!

Page 1 of the NEW GOOD FAITH AND TIL COMBINED, NOW REFERECED AS, THE

LOAN ESTIMATE.

PAGE 2 of THE LOAN ESTIMATE

PAGE 3 of THE LOAN ESTIMATE

The LOAN ESTIMATE needs to be disclosed using time frames similar to those now in use for

the GFE. The major change in timing is that if there is a Change Of Circumstance, prior to

a Closing Disclosure being issued, then a Revised Loan Estimate must be issued and

consummation cannot take place for four days.

There is another new disclosure called THE CLOSING DISCLOSURE. This disclosure must be

given to the client no later than three days prior to consummation.

If I were an MLO, now is the time to create my game plan (or internal process) at my

mortgage company to double check HUD-1’s, fee’s, loan amounts etc., a week prior to

closing to make sure the structure is correct on your clients new loan. There isn’t going to

be such thing as changing the loan amount last minute, or changing the rate, or any change

at all three days prior to signing. And if you do, a new Revised Closing Disclosure will

need to be issued and you will have to wait three more days before closing. This also means

watch your locks, as locks will be caught up in the “waiting period” at the end if not

prioritized correctly.

THE CLOSING DISCLOSURE

THE CLOSING DISCLOSURE Page 1

THE CLOSING DISCLOSURE Page 2

THE CLOSING DISCLOSURE Page 3

THE CLOSING DISCLOSURE Page 4

THE CLOSING DISCLOSURE Page 5

Studying will help you now, before the TRID disclosures become a requirement. Call me, your

BDM or MLO, as we at Mountain West are eager to de-myth some of the “talk on the street”

about new disclosures, while making you an expert in the process. The changes are designed to

provide more clarity to clients, and will affect the way business is done.

Thank You for your time and we look forward to serving you.

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