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#2089860 - 07/26/16 01:15 PM 2 X close construction loan
Patricia Offline
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Joined: Mar 2011
Posts: 335
Kansas
The bank made a construction loan pre TRID and now will make the Perm loan. Will the Perm loan be subject to TRID? I am thinking yes since its a new loan. Am I right?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2089882 - 07/26/16 02:02 PM Re: 2 X close construction loan Patricia
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,229
Galveston, TX
When was the application taken for the permanent loan?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2089953 - 07/26/16 05:02 PM Re: 2 X close construction loan Patricia
Patricia Offline
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Joined: Mar 2011
Posts: 335
Kansas
The application was taken pre TRID for the perm loan but the LO is going to obtain a new one with updated information.

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#2089955 - 07/26/16 05:13 PM Re: 2 X close construction loan Patricia
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,229
Galveston, TX
Then a GFE should have been issued at the time of the original application and the loan should close on a HUD-1. Obtaining updated financial information does not impact the application date.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2089965 - 07/26/16 05:35 PM Re: 2 X close construction loan Patricia
RR Joker Offline
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RR Joker
Joined: Nov 2002
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The Swamp
Agree totally with Randy.
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#2090009 - 07/26/16 07:06 PM Re: 2 X close construction loan Patricia
Patricia Offline
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Joined: Mar 2011
Posts: 335
Kansas
Thank you.

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