TRID and Agricultural Loans

Posted By: Carter'sMom

TRID and Agricultural Loans - 02/12/16 04:48 PM

Does TRID apply to loans to finance a primary residence + acreage? I think yes.

What about QM?
Posted By: bgehres

Re: TRID and Agricultural Loans - 02/12/16 05:43 PM

If it meets the definition of a consumer loan, then yes. We would look at a number of items to determine if it's truly consumer purpose, even if the property is going to be their principal dwelling. Does the borrower currently farm, is the value of tillable ground exceedingly greater than the value of the house (ie - 100+ acres vs 10), are there other farm buildings/improvements, would they be buying the house without the farm, etc.
Posted By: John Burnett

Re: TRID and Agricultural Loans - 02/12/16 08:34 PM

And if the borrower doesn't intend to farm the land -- some people just want lots of land surrounding their castles -- you take it for what it is -- a consumer-purpose loan.