- Business Rules
What if the broker doesn’t know to which investor they will be sending the loan so they don’t know the time zone of the creditor?The Loan Estimate is a creditor required disclosure; if a mortgage broker issues the Loan Estimate the creditor still maintains responsibility for ensuring that the requirements of §1026.19(e) have been met. It is recommended you communicate with the list of creditors that you do business with to determine what time zones would be accepted by the creditors in good faith. In this scenario the creditor to which the loan request is submitted would make decisions on whether or not the time zone on the Loan Estimate is acceptable in satisfying the requirements of §1026.37(a)(13).
Citation(s): Commentary ¶19(e)(1)(ii)-2
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here