In the case where the borrower is requesting to use the equity in their bare land to build their primary residence on the property you will be collateralizing - would you consider this a dwelling secured loan knowing that a dwelling would be built on the property? Or would you consider it non-dwelling secured since there isn't a dwelling located on the property at the time of closing.
I want to make sure I am providing the proper disclosures to our borrower.
Where would you suggest this topic be posted?
Homeowner's Counseling list would be RESPA.
The appraisal disclosure would be ECOA.
The loan purpose being TRID.
I'm going to assume you are lending money on the equity on bare land. IF so, then I would consider it non-dwelling secured [because those are the facts at the time of the loan]
No HOC
No Appraisal disclosure as you won't be developing or even anticipating developing one on a 1-4 family dwelling.
The loan purpose will be either 1) HE or 2) refi, if anything is owed on the land
And the other forum option for a catchall loan would be the Lending forum