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#2230457 - 02/07/20 01:56 AM RoR or not
theloanbug Offline
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Joined: Sep 2005
Posts: 746
Loan to complete construction of home. Does RoR apply? Borrower owns land and not living there at present time.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2230459 - 02/07/20 01:04 PM Re: RoR or not theloanbug
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
(24) Residential mortgage transaction means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained in the consumer's principal dwelling to finance the acquisition or initial construction of that dwelling.
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#2230508 - 02/07/20 05:41 PM Re: RoR or not rlcarey
theloanbug Offline
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Joined: Sep 2005
Posts: 746
The loan is to finish the inside like carpet, tile and cabinets. Would RoR be applicable?

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#2230509 - 02/07/20 05:48 PM Re: RoR or not theloanbug
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
The loan is to complete the initial construction of the dwelling therefore it is a RMT (Residential Mortgage Transaction). See 1026.23(f)(1).
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2230594 - 02/08/20 12:06 AM Re: RoR or not Dan Persfull
theloanbug Offline
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Joined: Sep 2005
Posts: 746
Thank you for your help.

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