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#2105725 - 11/02/16 07:01 PM land purchase
Compliance Action Subscriber 1226 Offline
100 Club
Joined: Sep 2015
Posts: 151
customer purchasing land, but using home as additional collateral, use TRID disclosures or HUD-1

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TRID - TILA/RESPA Integrated Disclosures Rule
#2105726 - 11/02/16 07:10 PM Re: land purchase Compliance Action Subscriber 1226
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,630
Bloomington, IN
The purchase of land only is subject to TRID if it is a consumer purpose loan.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2105743 - 11/02/16 07:52 PM Re: land purchase Compliance Action Subscriber 1226
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,544
Cape Cod
TRID is DIRT spelled backwards. If you are taking an interest in DIRT and the loan is consumer-purpose, TRID applies.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#2105755 - 11/02/16 08:23 PM Re: land purchase Compliance Action Subscriber 1226
Compliance Action Subscriber 1226 Offline
100 Club
Joined: Sep 2015
Posts: 151
thank you for you replies, this answers my question

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