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#2207524 - 03/01/19 02:44 PM Construction, CD and Cash to Close
Live 2 Comply Offline
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Live 2 Comply
Joined: Sep 2009
Posts: 328
We do not do a lot of construction loans and when we do the loan costs are subtracted from proceeds. We have had one loan that the customer brought the closing costs to closing. However, I don't think it is showing right on the Calculating Cash to Close. It is showing
Loan Amount $200,000
Total Closing Costs -$2,000
Closing Costs Paid Before Closing $600
Total P/O and Payments 0
Cash to close $198,600 Closing Costs Financed (Paid from your Loan Amount) $1,400

I cannot figure out how to change that last section to reflect accurately.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2207526 - 03/01/19 03:00 PM Re: Construction, CD and Cash to Close Live 2 Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
You are missing your construction contract/costs on your disclosure. Review the commentary to Paragraph 38(j)(1)(v).
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#2207530 - 03/01/19 03:33 PM Re: Construction, CD and Cash to Close Live 2 Comply
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
https://www.bankersonline.com/forum/ubbthreads.php/topics/2182051/4

See if any of the examples in the above thread helps.
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The opinions expressed are mine and they are not to be taken as legal advice.

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