Skip to content
 

Bridge LE: Expedite w/ Investment Acct./TRID Loan

Answered by: 
Randy Carey

Question: 
We issued a Loan Estimate for a bridge loan to purchase a home to be secured with the purchase​d​ property and the applicant's current residence. Due to timing circumstances with the applicant and the sellers, the applicant now wants to expedite the purchase by using an investment account and use the TRID loan to get reimbursed. Can I use the same application and re-disclose the LE as a refinance or home equity purpose?
Answer: 

Using the same application is a business decision, but you could treat this as a changed circumstance and re-issue an LE if it will impact your fees that are subject to any tolerance tests. If it is not impacting fees, the change could be made on the initial CD without re-issuing an LE.

First published on 03/17/2019

Filed under: 
Compliance
Filed under compliance as: 
Real Estate Lending
Reg. Z

Report a problem with this page

Search Topics