Posted By: Patricia
Construction Loan with term less than 2 years - 09/01/15 04:22 PM
If the bank is making a construction only loan that has a term of less than two years will still be exempt from the new rules?
Posted By: RR Joker
Re: Construction Loan with term less than 2 years - 09/01/15 05:07 PM
No. Temporary loans of any kind will no longer be exempt.
Land + consumer purpose = TRID
Posted By: Jerod Moyer
Re: Construction Loan with term less than 2 years - 09/01/15 08:07 PM
Joker's absolutely right but let me add one more element to the equation: Consumer Purpose + Closed End + Dirt = TRID
Posted By: Chocaholic
Re: Construction Loan with term less than 2 years - 09/29/15 06:24 PM
We are late to the "construction only" issues as we do so very few of these... Could you please point me to the correct place in either Reg. Z or X that addresses the 'dirt' part of your equation... I get the consumer purpose & I also get the 'closed end" both are in Reg. Z..
Any help is appreciated.. thank you!
Posted By: Dan Persfull
Re: Construction Loan with term less than 2 years - 09/29/15 06:38 PM
1026.19 (e) - Mortgage loans secured by real property - early disclosures
1026.19 (f) - Mortgage loans secured by real property - final disclosures