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Initial disclosure

so with every loan application that we do there's a part of the process where we have to as a lender give the borrower initial disclosures so these initial disclosures they include the loan estimate the loan application and then there are a lot of other federal and state documents that are part of that initial disclosure process the consumer can compare apples to apples one Leonard to another lender which was not really impossible under the old systems the initial disclosures they're going to include all the key terms and costs for any kind of loan application that you're applying for and like Lee said it's a standardized process so regardless of which lender you shop with you're going to get the same disclosures within three days of completing that loan application when does the customer receive this what's kind of a time time frame well lenders are required to give initial disclosures within three days of completing a loan application and a loan application is when any borrower gives six pieces of information to the lender and that includes name income social security number property address the estimated value of the property that you're going to be buying and the loan amount the information that we're going to provide to the borrower on the initial set of disclosures it's it's never going to be a hundred percent accurate it's only as accurate as the information that we have at the time and from the point of completing the application until you actually close the loan might be two three four weeks later and so information is going to change during that time period and as those changes are made then we update the borrower with those changes and so we start with the initial disclosures which are the best estimates that we have available at the time and then when you close on your loan you're going to sign all those same documents except the final documents that you sign will be 100% accurate