Hello Everyone,

Our Bank is in a community that has just very recently been hit by a natural disaster. A very large number of residential homes were destroyed in a neighboring community and we have people trying to purchase homes in a market that is very, very quickly disappearing. Any help of guidance you can provide would be greatly appreciated.

Essentially, we are trying to do a bridge loan to allow for receipt of insurance proceeds. The customers have/or are entering purchase contracts. they are scared that they will miss the close of escrow dates and lose the home, leaving them with essentially no options. The first COE I have seen is 30 days..

It may be impossible to do a TRID loan within 30 days as title companies are swamped, appraisers will likely be non-existent, etc.

Does anyone have any other options? Could we use a HELOC for a purchase? I want to be a flexible as possible but I am concerned about knowingly evading the TRID rules.

Bottom line is our community has been devastated and we need to do what we can to help people in a time of crisis. Any wisdom or guidance will be much appreciated. I am happy to go toe to toe with an examiner on regulatory issues over loans to help victims of a disaster..

Thank you.

bump

I would recommend calling your regulator, as they often have regulatory relief options for areas affected by natural disasters.