- Posted by Jacklyn Moeglin
- On May 26, 2017
- 0 Comments
Mortgage Preflight is available with both options—the difference lies in the services which the buyer prepays for at the time of the Mortgage Preflight transaction.
Mortgage Preflight using the TRID Upgrade Method—the prospective borrower(s) prepay only the Tri-Merge fee. Should the loan proceed and be submitted to a GSE, the lender then incurs the Upgrade fee, which is later collected at closing.
Mortgage Preflight using the TRID Inclusive method—the prospective borrower(s) prepay the entire credit reporting fee, thus, eliminating the vast majority of the lenders credit reporting expenses.
As an added benefit, the Preflight Authentication fee is now included in both TRID pricing methods. Total costs are the same for all transactions regardless of origination through Mortgage Preflight or traditional means.