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#2067779 - 03/07/16 03:05 PM CD for Transactions Without a Seller/Construction
Banker 1025 Offline
Junior Member
Joined: Dec 2015
Posts: 28
We do single closing construction perm loans. Can we use the CD for transactions without a seller and use the payments and payoffs section to list the construction escrow account(s) established to pay the construction draws?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2067794 - 03/07/16 03:29 PM Re: CD for Transactions Without a Seller/Construction Banker 1025
John Burnett Offline
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John Burnett
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Cape Cod
Yes, you can do it that way.
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#2067799 - 03/07/16 03:37 PM Re: CD for Transactions Without a Seller/Construction John Burnett
Banker 1025 Offline
Junior Member
Joined: Dec 2015
Posts: 28
Thank you. We thought that we could but just wanted to get another opinion.

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#2089015 - 07/20/16 06:52 PM Re: CD for Transactions Without a Seller/Construction Banker 1025
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,072
Can we disclose a construction escrow holdback in the Payoffs and Adjustments section on the Loan Estimate and then in Section H. Other on the Closing Disclosure?

Also, how should this escrow hold back be reflected on page 4 Escrow Account section if there are no monthly escrow payments?

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#2089218 - 07/21/16 05:26 PM Re: CD for Transactions Without a Seller/Construction Banker 1025
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
The escrow on page four concerns escrowing for taxes, insurance, etc. That's not the same as construction escrow holdback.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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