Skip to content
BOL Conferences
Thread Options
#2123640 - 03/24/17 08:42 PM Reference for Sales Price on Construction Loans
Luv2run Offline
Platinum Poster
Joined: Jan 2015
Posts: 616
I am trying to locate a reference for the clarification that the sales price listed on the Loan Estimate, in the case of a construction perm purchase, should reflect the sales price of the lot itself. It's been a long week and I am not able to find anything. Any help would be appreciated! smile
_________________________
If at first you do succeed....try something harder
-fortune cookie

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2123649 - 03/24/17 09:36 PM Re: Reference for Sales Price on Construction Loans Luv2run
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,370
Galveston, TX
From the March 1 2016 CFPB webinar:

The use of loan proceeds to finance construction costs does not by itself impact whether the
creditor discloses the sale price or estimated property value on the Loan Estimate. In
transactions where there is a seller, the creditor is required to disclose the contract sale price of
the property, if known, under Section 1026.37(a)(7)(i).
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2123710 - 03/27/17 02:22 PM Re: Reference for Sales Price on Construction Loans Luv2run
Luv2run Offline
Platinum Poster
Joined: Jan 2015
Posts: 616
Thank you!
_________________________
If at first you do succeed....try something harder
-fortune cookie

Return to Top