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The TRID requirements found in Regulation Z state that once a lender has received six specific pieces of information, they have a TRID application and then have three business days to provide a Loan Estimate to the applicant. Those six pieces of information include:
• Name
• Income
• Social Security Number (to obtain a credit report)
• Property Address
• Property Value Estimate
• Loan Amount
TRID also prohibits a lender from doing certain things until they have an application (i.e., the six items). For example, you cannot require the applicant to pay any fees other than a reasonable fee to obtain a credit report.
Jerod explains this and more prohibitions in the video.
