Thread Options
#2042342 - 10/02/15 10:15 PM Construction/Perm 2 LE's - 1 CLD
mmstca Offline
New Poster
Joined: Nov 2013
Posts: 19
Illinois
Interesting question --

If you have single close construction loan and choose to proivde two initial disclosures (LE's) how is the CLD disclosed? Does it reflect the "last disclosed LE" and logically that would mean the LE for the end loan financing?

Additionally, if your construction phase is less than one year, is it permissible for the 1st payment stream in the project payment table to be 6 mo. or 9 mo or does the payment stream need to be in Year intervals?

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2042366 - 10/03/15 10:47 PM Re: Construction/Perm 2 LE's - 1 CLD mmstca
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,310
Galveston, TX
Your first question is illogical.

.37(c)(3)Subheadings.

(ii) Except as provided in paragraph (c)(3)(iii) of this section, each separate periodic payment or range of payments to be disclosed under this paragraph (c) must be disclosed under a subheading that states the years of the loan during which that payment or range of payments will apply. The subheadings must be stated in a sequence of whole years from the due date of the initial periodic payment.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top