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BankersOnline.com Forums Dodd-Frank Final Rules Discussions TRID - TILA/RESPA Integrated Disclosures Rule Increasing an Existing Construction Loan
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#2253679 - 05/07/21 09:24 PM Increasing an Existing Construction Loan
awilli Offline
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We have an existing construction loan on the books (TRID originally applied). The borrower wants to do a small increase on the loan. Does TRID apply on the increase, and therefore require ITP, LE, etc? Regulation citation/reference would be helpful. Thanks!
Last edited by awilli; 05/07/21 09:26 PM.
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TRID - TILA/RESPA Integrated Disclosures Rule
#2253680 - 05/07/21 09:28 PM Re: Increasing an Existing Construction Loan awilli
Skittles Offline
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Are you refinancing the existing loan or doing a modification?
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#2253681 - 05/07/21 09:37 PM Re: Increasing an Existing Construction Loan Skittles
awilli Offline
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Modification
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#2253682 - 05/07/21 09:51 PM Re: Increasing an Existing Construction Loan awilli
Skittles Offline
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If you are modifying an existing loan then no new disclosures are required, unless the property is within an SFHA and you would need a new flood disclosure since you are performing a MIRE event.
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