Our examiner questioned the dates on the Closing Disclosure on one of our HELOC term loans. The "Issue Date" was 10/26/18 and the "Closing Date" was 11/2/18 (date the borrower was suppose to come in to sign the CD). The Lender informed me the customer was not able to come in and sign until 11/5/18 and requested the Closing Date be changed. Our examiner argued that the "Issue Date" should have also been changed to the updated "Closing Date" of 11/5/18. Is this correct? As I understood, there's the 3 day waiting period before consummation so should it have been changed?....any input is greatly appreciated, as TRID is not my favorite subject... thank you!

Rules for the CD are the same as for the LE. It is actual date delivered or mailed.

37(a)(4) Date issued.

1. Applicable date. Section 1026.37(a)(4) requires disclosure of the date the creditor mails or delivers the Loan Estimate to the consumer. The creditor’s method of delivery does not affect the date issued. For example, if the creditor hand delivers the Loan Estimate to the consumer on August 14, or if the creditor places the Loan Estimate in the mail on August 14, the date disclosed under § 1026.37(a)(4) is August 14.


What I am really curious about is what is a HELOC term loan?

This is how I would have handled that scenario.

"Wait" CD was issued 10.26.18 for a closing of 11.2.18. Loan couldn't close that day, so it's rescheduled. At that point I issue a revised CD [no wait] dated 11.5.18 to close 11.5.18 and this is the one signed at closing.

This is similar to the common situation whereby you issue your original closing disclosure prior to having final insurance details. Then issue a revision at closing, dated at closing to show the actual insurance details.

RR, we were criticized for dating the CD the day of closing because the borrower is supposed to have access to it (to look at) the day before. Examiners told us to date it the day prior to closing. Any thoughts on that?

Did you deliver a copy the day before and if you did, did you deliver another copy at closing. You date the CD just like the LE. The date issued is the date you mail it or the date you put it in their hot little hands.

Cecile, as long as you delivered the CD with the three day period, you've satisfied the day before issue. TRID provides for corrected CDs that can be delivered at the closing table. I would have pushed back on the examiner to show you where it says they have to have the corrected CD a day prior to closing.

Agree