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#2036643 - 09/01/15 04:22 PM Construction Loan with term less than 2 years
Patricia Offline
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Joined: Mar 2011
Posts: 327
Kansas
If the bank is making a construction only loan that has a term of less than two years will still be exempt from the new rules?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2036659 - 09/01/15 05:07 PM Re: Construction Loan with term less than 2 years Patricia
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,644
The Swamp
No. Temporary loans of any kind will no longer be exempt.

Land + consumer purpose = TRID
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My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#2036720 - 09/01/15 08:07 PM Re: Construction Loan with term less than 2 years Patricia
Jerod Moyer Offline
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Jerod Moyer
Joined: Oct 2005
Posts: 667
Sioux Falls, SD
Joker's absolutely right but let me add one more element to the equation: Consumer Purpose + Closed End + Dirt = TRID
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Jerod Moyer
www.bankerscompliance.com

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#2041278 - 09/29/15 06:24 PM Re: Construction Loan with term less than 2 years Jerod Moyer
Chocaholic Offline
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Joined: Aug 2005
Posts: 443
Northwest
We are late to the "construction only" issues as we do so very few of these... Could you please point me to the correct place in either Reg. Z or X that addresses the 'dirt' part of your equation... I get the consumer purpose & I also get the 'closed end" both are in Reg. Z..

Any help is appreciated.. thank you!
Last edited by Chocaholic; 09/29/15 06:27 PM.
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#2041283 - 09/29/15 06:38 PM Re: Construction Loan with term less than 2 years Patricia
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,423
Bloomington, IN
1026.19 (e) - Mortgage loans secured by real property - early disclosures

1026.19 (f) - Mortgage loans secured by real property - final disclosures
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2041347 - 09/29/15 08:09 PM Re: Construction Loan with term less than 2 years Dan Persfull
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
Thank you!

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