The TRID date tracker in Finmo helps you stay compliant with regulations by automatically detecting when you’ve collected all six pieces of information that comprise a complete application as defined by TILA-RESPA Integrated Disclosure (TRID) and estimating the date when a Loan Estimate is due back to the borrower based on this information.
The six pieces of TRID data include:
Borrower Name -The primary borrower’s first and last name
Monthly Income - Information about the applicant's income, even if it’s not comprehensive.
SSN - The primary applicant’s Social Security Number
Subject property address - The street address of the subject property securing the loan.
Property Value or Appraised Value - An estimate of the subject property's worth.
Base loan amount - The amount of money the borrower is seeking to borrow
How to use the TRID date tracker?
1. Each time you save changes to an application. Finmo will automatically detect whether you’ve filled out all six pieces of required TRID information.
2. If Finmo detects all six pieces of information, it will present you with a warning as seen in the screenshot below.
3. Click “Continue” to track the application received date, or click “Cancel” to continue editing the loan without setting an Application Received date.
4. Your loan Estimate Due date will be presented in the utility bar at the top of the screen. Click on the click on the LE due date to review the “Application received date”. You may manually enter or update this date as well. Any changes to an “Application received date” require you to enter a reason that will be recorded in the loan’s activity log.
5. The “Estimated LE due date” is automatically calculated by adding 3 business days (excluding Sundays and national holidays) to the “Application received date”
6. The “Loan estimate sent date” can be set manually once the LE has been sent to the borrower.
Should you require further help click the chat icon on your screen or send us an email supportus@lendesk.com.