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Home equity loan: TRID's 'other'

Question: 
On a loan secured by previously purchased bare land, is the correct purpose “home equity” if it is not a refinancing or construction loan, even if there is no dwelling?
Answer: 

Yes, “home equity” is a “catch-all.” So, transactions that do not fall under the definitions for a purchase, refinance, or construction are disclosed with a purpose of “Home Equity Loan.”
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First published on 06/11/2017

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