Federal mortgage-related laws
TRID is the most date-heavy part of the test. You must know which business-day definition applies to each deadline, which changes restart the three-day wait, and which fees sit in the zero, 10% or unlimited tolerance buckets.
Federal mortgage-related laws4 min read8 sections
The TILA-RESPA Integrated Disclosure rule (TRID), in Regulation Z since October 3, 2015, replaced the GFE and early TIL with the Loan Estimate, and the HUD-1 and final TIL with the Closing Disclosure. The test uses dated scenarios to check whether you can count business days correctly and whether you can sort a fee into the right tolerance bucket.
TRID covers most closed-end consumer credit secured by real property, including construction loans. It does not cover HELOCs, reverse mortgages, or loans on a mobile home not attached to land (12 CFR 1026.19(e)(1)(i)).
| Definition | Counts | Used for |
|---|---|---|
| General | Days the creditor's offices are open for substantially all business functions | Initial Loan Estimate (3 days after application); revised Loan Estimate (3 days after a changed circumstance or lock) |
| Specific | Every calendar day except Sundays and federal legal public holidays | 7-day Loan Estimate wait; 3-day Closing Disclosure wait; mailbox presumption; 4-day revised LE cut-off; rescission |
Count from the day after the triggering event. If the borrower receives the Closing Disclosure on Monday, Tuesday is day 1 and consummation may happen Thursday.
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The creditor must deliver or place in the mail the Loan Estimate no later than the third business day after it receives the application, and no later than the seventh business day before consummation. For this rule a business day is a day the creditor's offices are open for business. Source: 12 CFR 1026.19(e)(1)(iii), checked 11 Oct 2026.
At least three business days before consummation. Here a business day means every calendar day except Sundays and federal legal holidays. If the Closing Disclosure is mailed, it is treated as received three business days after it is mailed. Source: 12 CFR 1026.19(f)(1)(ii) and (iii), checked 11 Oct 2026.
The consumer's name, income and Social Security number (to obtain a credit report), the property address, an estimate of the property's value, and the loan amount sought. Once the creditor has all six, the Loan Estimate clock starts. Source: 12 CFR 1026.2(a)(3)(ii), checked 11 Oct 2026.
Only three: the APR becomes inaccurate beyond the allowed tolerance, the loan product changes, or a prepayment penalty is added. Other changes need a corrected Closing Disclosure at or before consummation but no new waiting period. Source: 12 CFR 1026.19(f)(2)(ii), checked 11 Oct 2026.
