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Completing the "In 5 years" disclosure for a 12 month construction loan

Question: 
How is the "In 5 years" disclosure completed for short-term construction loans?
Answer: 

In transactions with a scheduled loan term of less than 60 months, the creditor provides the "In 5 years" disclosure using the amounts paid through the end of the loan term. The instructions do not address changing the title of the disclosure. So the title is "In 5 years," but the amount disclosed might be as little as six or 12 months of interest.
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Learn more about Jack Holzknecht’s webinar TRID for Construction Loans

First published on 10/13/2019

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