Loan Estimate Form Software

Under the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule, there is a new Loan Estimate Form necessary in real estate transactions. Learn about this new form and how EasySoft can automate the entire real estate closing process.

Overview

Before the new TRID changes were implemented in October 2015, consumers/borrowers typically received two federal disclosure documents outlining the terms and costs of the loans they were considering: the Initial TIL Disclosure and the Good Faith Estimate. Two disclosures were also received at the time of the closing: the Final TIL Disclosure and the HUD-1 Settlement Statement.

The TRID implementation combined the mortgage disclosure forms, thus creating the Loan Estimate Form and the Closing Disclosure Form. The Loan Estimate Form is typically prepared by banks or lenders and is issued to the borrower. The Loan Estimate Form must be provided by the lender within three business days of receiving a loan application.

Loan Estimate Form FAQ’s

What kind of information is included on the Loan Estimate form?

The Loan Estimate Form is required to be delivered by hand or mailed to an applicant/borrower within three business days of the application. The Loan Estimate Form includes the following information:

  • Three-page form
  • Estimated interest rate
  • Monthly payment amount
  • Estimated insurance and taxes
  • Terms of loan
  • Loan type
  • State law provisions

What is the benefit of the Loan Estimate Form to the consumer?

The Loan Estimate Form is received after a consumer applies for a loan. It is not an acceptance or denial or the request for a loan; it simply gives the consumer more information on what be offered to them before they move forward with the loan. Please note that those who applied for a loan before October 3, 2015 will not receive a Loan Estimate Form.

EasySoft’s Loan Estimate Form is part of our Real Estate Closing Solutions and makes generating Loan Estimate forms easy, accurate and fully-compliant with the TRID guidelines.

Features

EasySoft Real Estate Closing Solutions keeps all aspects of the real estate closing process, including the Loan Estimate Form, simple and accurate. Loan Estimate Form features include:

  • Complete Loan Estimate Form
  • Import all data from Loan Estimate Form to the Closing Disclosure Form.

View a full list of Loan Estimate & EasyCDF Features

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