FAQ: How is the Earliest Closing Date Calculated?

Q: How does Charlie calculate the earliest closing date?

A: The Earliest Closing Date in Charlie represents the first eligible date that a loan can close, considering various compliance and disclosure timing requirements. This ensures that all federal regulations, such as the TRID disclosure timing rules, are met before the loan closing.

Charlie uses several key data points and timing rules to calculate the Earliest Closing Date:

1. Loan Estimate (LE) Timing:

   • The borrower must receive the Loan Estimate (LE) at least seven business days before closing.

2. Closing Disclosure (CD) Timing:

   • The borrower must receive the Closing Disclosure (CD) at least three business days before closing.

3. Redisclosure Requirements (if applicable):

   • If a revised disclosure is issued due to certain changes (e.g., APR, loan product), new waiting periods may be triggered.

4. System-Generated Dates:

   • Charlie considers the following dates to drive the calculation:

     • CD Sent Date

     • LE Sent Date

     • Redisclosure Dates (if applicable)

Q: How does Charlie calculate the Earliest Closing Date step-by-step?

1. Determine the latest disclosure timing requirement:

   • Charlie identifies the longest waiting period applicable (usually the CD’s three-business-day rule).

2. Check the CD Sent Date:

   • The Earliest Closing Date is typically calculated as three business days after the CD Sent Date.

3. Account for Redisclosures:

   • If redisclosures apply (e.g., revised CD), Charlie adjusts the Earliest Closing Date based on the newest disclosure timing requirements.

4. Combine all timelines:

   • The system ensures both LE and CD waiting periods are satisfied, using the latest applicable dates.

Q: Can the Earliest Closing Date be overridden manually?

A: No, the Earliest Closing Date is system-calculated and cannot be manually overridden. This ensures compliance with federal disclosure rules like TRID. However, you can review the driving disclosure dates to understand how the calculation was made.

Q: Where can I view the Earliest Closing Date in Charlie?

A: The Earliest Closing Date can be found within the Key Dates section on the Loan Overview screen. It is calculated automatically and updates based on the latest disclosure activity.