Posted By: Dodge
Home Equity- Land only - 09/21/15 08:04 PM
Sorry in advance for the stupid question.
Consumer purpose loan secured by vacant land that has no prior liens on it. Customer is taking equity out of the land to pay off credit cards. Under the TRID rules, the purpose stated on the Loan Estimate/Closing Disclosure is "Home Equity"; even though, there is no home involved.
I told my boss that and he thinks that I missed something in the regulation...
Consumer purpose loan secured by vacant land that has no prior liens on it. Customer is taking equity out of the land to pay off credit cards. Under the TRID rules, the purpose stated on the Loan Estimate/Closing Disclosure is "Home Equity"; even though, there is no home involved.
I told my boss that and he thinks that I missed something in the regulation...