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#2064109 - 02/12/16 04:48 PM TRID and Agricultural Loans
Carter'sMom Offline
Junior Member
Joined: Aug 2015
Posts: 38
Does TRID apply to loans to finance a primary residence + acreage? I think yes.

What about QM?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2064130 - 02/12/16 05:43 PM Re: TRID and Agricultural Loans Carter'sMom
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
If it meets the definition of a consumer loan, then yes. We would look at a number of items to determine if it's truly consumer purpose, even if the property is going to be their principal dwelling. Does the borrower currently farm, is the value of tillable ground exceedingly greater than the value of the house (ie - 100+ acres vs 10), are there other farm buildings/improvements, would they be buying the house without the farm, etc.

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#2064207 - 02/12/16 08:34 PM Re: TRID and Agricultural Loans Carter'sMom
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
And if the borrower doesn't intend to farm the land -- some people just want lots of land surrounding their castles -- you take it for what it is -- a consumer-purpose loan.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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