Trying to make sense of this
Applicant has bare land (wooded area) they are looking to purchase to build a house. It still needs to be zoned for building. We are looking to do a 20 year amortization with it renewing every 3 years. Is this Compliant? I can't find this specific scenario in our policy anywhere. ANY help is welcomed.
Thanks,

I do not see why not, unless it is against your policies or something. What is your concern?

Our processor keeps questioning it so it's making me second guess myself...
She keeps getting caught up on the type of loan. We don't specify lot loans in our policy so I put it under the "consumer loan category" as it's not Real-Estate and Not commercial or Ag.

I am confused. You have no policies or procedures for making loans secured by land only? If that is the case, then likely you would need to go to your board of directors and update your credit policies. What do you mean type of loan, i.e., for what purpose? Call reporting, disclosures, etc.? It is definitely a real estate loan for call reporting purposes.

ME TOO!!! This loan is very confusing
No nothing is stated in our policies regarding vacant land. The land is a wooded area not approved for building yet, so even though it's bare land secured by bare land we would report it as Real-Estate?
I used the Consumer Loan category as it's consumer purpose.

I have only been at this financial for a few months so still learning their quirks.

Well, there is how you might categorize it internally, but you need to make sure it is entered in your loan systems correctly for call reporting purposes. Other than that, I am not sure we can be much more help than that. It will require TRID disclosures.

Thank you!! I think we finally figured out what we needed.