Ensure seamless mortgage compliance with our potent TRID Quality Control Checklist. Streamlined processes for accurate, on-time disclosures, approvals, and reviews.
1
Collect TRID application data
2
Ensure accurately completed Loan Estimate form
3
Adjust timing of disclosures
4
Inspect dates for receipt and delivery of disclosures
5
Examine the Loan Estimate for accuracy
6
Approval: Loan Estimate Accuracy Check
7
Validate the Closing Disclosure form
8
Evaluate if there were any revisions in Loan Estimate
9
Check timing of Closing Disclosure
10
Verification and Calculation of finance and mortgage charges
11
Check for any tolerance cures
12
Approval: Tolerance Cures Check
13
Ensure accurate and timely delivery of revised disclosures
14
Review for any changes in circumstances
15
Assess evidence of shopping list delivery
16
Examine for proper adjustments due to changed circumstances
17
Approval: Changed Circumstances Assessment
18
Check adherence to general rules
19
Review TRID record retention
20
Approval: Full TRID Quality Control Checklist Review
Collect TRID application data
This task involves gathering all necessary information related to the TRID application. It includes details such as borrower name, address, loan amount, and property address. The completion of this task is crucial as it serves as the foundation for the entire TRID process. By providing accurate and complete data, you ensure a smooth workflow and minimize chances of errors or delays.
Ensure accurately completed Loan Estimate form
In this task, you will review the Loan Estimate form to ensure it has been accurately completed. Pay attention to details such as loan terms, interest rate, and estimated closing costs. If any discrepancies are found, they should be immediately addressed and resolved to maintain compliance and provide transparency to the borrower.
Adjust timing of disclosures
This task involves assessing the timing of disclosures to ensure they are provided to the borrower within the required timeframe. Evaluate if any adjustments are necessary based on specific circumstances, such as changes in interest rates or loan terms. By adhering to the appropriate timing, you maintain compliance and provide adequate time for the borrower to review and understand the information provided.
1
No adjustment needed
2
Adjustment required
Inspect dates for receipt and delivery of disclosures
In this task, you will inspect the dates for receipt and delivery of disclosures. Verify if the borrower received the necessary disclosures within the specified timeframe. Also, ensure that the lender delivered the documents promptly. If any delays or issues are identified, appropriate actions should be taken to rectify the situation and maintain compliance.
Examine the Loan Estimate for accuracy
This task involves a detailed examination of the Loan Estimate to ensure accuracy. Check if all the details mentioned in the form align with the collected TRID application data. Scrutinize the calculations, interest rate, and closing costs. If any discrepancies or errors are identified, they should be promptly addressed and corrected to provide the borrower with a transparent and reliable Loan Estimate.
Approval: Loan Estimate Accuracy Check
Will be submitted for approval:
Examine the Loan Estimate for accuracy
Will be submitted
Validate the Closing Disclosure form
This task involves the validation of the Closing Disclosure form. Carefully review the details mentioned in the form, including loan terms, interest rate, and closing costs. Ensure that all the required information is accurately provided. If any errors or omissions are found, they should be immediately rectified to maintain compliance and transparency.
Evaluate if there were any revisions in Loan Estimate
In this task, you will evaluate if there were any revisions made to the Loan Estimate. Compare the initial Loan Estimate with any revised versions and identify the changes made. This step ensures that the borrower is provided with the most up-to-date and accurate information regarding the loan terms, interest rate, and closing costs.
1
No revisions
2
Revisions made
Check timing of Closing Disclosure
This task involves checking the timing of the Closing Disclosure. Verify if it is provided to the borrower within the required timeframe. Ensure that the disclosure is delivered in a timely manner to provide the borrower with sufficient time to review and understand the information provided.
1
Timing on track
2
Timing requires adjustment
Verification and Calculation of finance and mortgage charges
This task involves verifying and calculating the finance and mortgage charges. Ensure that the calculations are accurate and align with the loan terms mentioned in the Loan Estimate and Closing Disclosure forms. Thoroughly review the interest rates, points, and any other charges associated with the loan.
Check for any tolerance cures
In this task, you will check for any tolerance cures. Assess if any changes have been made to the loan terms, interest rate, or closing costs that might require tolerance cure. If any issues are identified, appropriate actions should be taken to maintain compliance and ensure the borrower's best interests.
1
No tolerance cures needed
2
Tolerance cures required
Approval: Tolerance Cures Check
Will be submitted for approval:
Check for any tolerance cures
Will be submitted
Ensure accurate and timely delivery of revised disclosures
This task involves ensuring the accurate and timely delivery of revised disclosures. If any revisions were made to the Loan Estimate or Closing Disclosure forms, ensure that the updated documents are promptly delivered to the borrower. This step maintains transparency and provides the borrower with accurate and up-to-date information regarding the loan terms and closing costs.
Review for any changes in circumstances
In this task, you will review for any changes in circumstances that might impact the loan terms or closing costs. Assess if any new information or events have occurred that require adjustments to the disclosed information. If any changes are identified, appropriate actions should be taken to ensure compliance and transparency.
Assess evidence of shopping list delivery
This task involves assessing the evidence of shopping list delivery. Review if the borrower received the list of service providers associated with the loan (shopping list). Verify if the list was provided to the borrower within the required timeframe. This step ensures that the borrower has the necessary information to make informed decisions regarding service providers.
1
Shopping list delivered
2
Shopping list not delivered
Examine for proper adjustments due to changed circumstances
In this task, you will examine if proper adjustments were made due to changed circumstances. Assess if any changes in circumstances, such as interest rate fluctuations, require adjustments to the loan terms, interest rate, or closing costs. If any adjustments are necessary, ensure that they are accurately made and maintained within compliance guidelines.
1
No adjustments needed
2
Adjustments required
Approval: Changed Circumstances Assessment
Will be submitted for approval:
Review for any changes in circumstances
Will be submitted
Check adherence to general rules
This task involves checking the adherence to general rules regarding TRID quality control. Review if all the necessary steps and guidelines have been followed in the overall TRID process. Ensure compliance with regulations and policies to provide a reliable and transparent loan process for the borrower.
1
Adhered to rules
2
Didn't adhere to rules
Review TRID record retention
This task involves reviewing the TRID record retention. Ensure that all the necessary documents and records related to the TRID process are properly stored and retained as per regulatory requirements. This step ensures compliance and provides a reliable reference for future audits or inquiries.
1
Retention on track
2
Retention requires action
Approval: Full TRID Quality Control Checklist Review
Will be submitted for approval:
Collect TRID application data
Will be submitted
Ensure accurately completed Loan Estimate form
Will be submitted
Inspect dates for receipt and delivery of disclosures
Will be submitted
Examine the Loan Estimate for accuracy
Will be submitted
Validate the Closing Disclosure form
Will be submitted
Evaluate if there were any revisions in Loan Estimate
Will be submitted
Check timing of Closing Disclosure
Will be submitted
Verification and Calculation of finance and mortgage charges
Will be submitted
Check for any tolerance cures
Will be submitted
Ensure accurate and timely delivery of revised disclosures
Will be submitted
Review for any changes in circumstances
Will be submitted
Assess evidence of shopping list delivery
Will be submitted
Examine for proper adjustments due to changed circumstances
