By law, a mortgage loan application is valid when these things are provided to the lender: Loan Amount applied for Estimated Property Value Property Address Borrower Name Borrower ID — preferably Social Security Number Borrow Income Supplying these establishes a legitimate loan application under the Federal TRID guidelines. While submitting these in written form is preferable, providing them in conversation — live, phone call, or video conference — is also valid. You should request a written record of the conversation, of course. Once supplied, these 6 facts start the clock for a lender. Under the TRID guidelines, financial institutions must return a Loan Estimate within 3 business days. (See other videos on Loan Estimate details here.)

Laws set under the TILA- RESPA Integrated Disclosure Act - TRID - specify the details that lenders MUST supply to customers making an application for a real estate loan. Since Oct 1, 2015 loan providers are required to return two disclosures - the Loan Estimate and the Closing Disclosure. The Loan Estimate is, as the title suggests, an estimate that covers the key costs, risks and features of the proposed loan. When the lender approves a loan, the Loan Estimate must be returned to the consumer in three business days. (See related Video-Genius video on how business days are defined.) The Closing Disclosure applies if the loan process moves forward. This form covers the key costs of the loan transaction. It must be provide to the borrower a minimum of 3 business days prior to the final loan consummation.