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#2178057 - 05/14/18 11:41 PM Negative number
AZloan Offline
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Joined: Apr 2016
Posts: 266
If the loan is to purchase the lot and build the house deal combined, my understanding is that I have to put the value of the lot as sales price. When I do that in my doc software, my bottom number is negative number? Is that how it is supposed to be? Also, where do I put the amount that borrower need to bring?

Thank you,

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TRID - TILA/RESPA Integrated Disclosures Rule
#2178062 - 05/15/18 12:23 AM Re: Negative number AZloan
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
Galveston, TX
There is something wrong. Are you entering both the purchase price and then separately the amount of the construction contract?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2178137 - 05/15/18 03:22 PM Re: Negative number AZloan
AZloan Offline
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Joined: Apr 2016
Posts: 266
Randy, do you know if there are any instructions from Reg Z on how to disclose or where to put certain numbers on construction loans with purchase of the land combined?

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#2178164 - 05/15/18 04:11 PM Re: Negative number AZloan
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
Galveston, TX
Paragraph 38(j)(1)(v).

2. Other consumer charges. The amounts disclosed under § 1026.38(j)(1)(v) which are for charges owed by the consumer at the real estate closing not otherwise disclosed under § 1026.38(f), (g), and (j) will not have a corresponding credit in the summary of the seller's transaction under § 1026.38(k)(1)(iv). For example, the amounts paid to any holders of existing liens on the property in a refinance transaction, construction costs in connection with the transaction that the consumer will be obligated to pay, payoff of other secured or unsecured debt, any outstanding real estate property taxes, and principal reductions are disclosed under § 1026.38(j)(1)(v) without a corresponding credit in the summary of the seller's transaction under § 1026.38(k)(1)(iv). See comment 38-4 for an explanation of how to disclose a principal reduction under § 1026.38(j)(1)(v).
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2178207 - 05/15/18 06:27 PM Re: Negative number AZloan
AZloan Offline
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Joined: Apr 2016
Posts: 266
Thank you very much

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