TRID Transaction Timelines

This timeline assumes the following, and is subject to change and may not be accurate for all mortgage products or lenders.  This was developed as a guide with Academy Mortgage, Adams Community Bank, Berkshire Bank, Greylock Federal Credit Union, Lee Bank, MountainOne Bank, Salisbury Bank, and Trustco Bank.  Speak to the actual lender of your buyer client for detials.

  • Within (3) business days after making the consumer’s loan application, the lender will send the buyer a Loan Estimate. The bank and attorneys need approximately (50) days after application date to close the loan, research title and transfer the deed from the application date.
  • Within (7) business days of receipt of the Loan Estimate (and 10 days after Loan Application) from the Lender to the Buyer, the Buyer must affirm their commitment to proceed with the transaction.

60-55 days before the closing date

  • Buyer’s Agent sends the Purchase & Sale Agreement to the Lender and the Buyer’s Attorney
  • Buyer Makes CONSUMER LOAN APPLICATION to Preferred Lender
  • Buyer schedules inspections of property

57-54 Days before the closing date

  • Buyer Receives the LOAN ESTIMATE from the Lender

54-42 Days before the closing date

  • Buyer affirms their commitment to proceed with the transaction

42-12 days before the closing date

  • Buyer financials, purchase information and home details sent to Lender’s Underwriter
  • Home is appraised by Lender
  • Buyer’s Attorney does 50 year title search
  • Buyer’s Attorney informs Seller’s Attorney if there are Lien Records to Be Cleared
  • Seller’s Attorney Provides Buyer’s Attorney Payoff Amounts
  • REALTOR Sends Commission Statement to Closing Attorney
  • Buyer receives MORTGAGE COMMITMENT

10 Days before the closing date

  • Clear to Close
  • Closing Attorney and Buyer’s Attorney send to bank all figures needed for the closing disclosures: lien payoff amounts, tax, water, sewer, fire district, fuel, condo/assn fees, rent and any other applicable adjustment.

3-7 Days before the closing date (depending on notice type)

  • Lender sends buyer final CLOSING DISCLOSURE