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Mortgage Loan w/Agriculture Purpose-TRID/Escrow?

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Will a mortgage loan containing a primary residence and 78.45 acres used primarily for agriculture purpose be exempt from TRID and escrow?

Official Interpretation

3(a) Business, Commercial, Agricultural, or Organizational Credit

8. Agricultural purpose. An agricultural purpose includes the planting, propagating, nurturing, harvesting, catching, storing, exhibiting, marketing, transporting, processing, or manufacturing of food, beverages (including alcoholic beverages), flowers, trees, livestock, poultry, bees, wildlife, fish, or shellfish by a natural person engaged in farming, fishing, or growing crops, flowers, trees, livestock, poultry, bees, or wildlife. The exemption also applies to a transaction involving real property that includes a dwelling (for example, the purchase of a farm with a homestead) if the transaction is primarily for agricultural purposes.

First published on 12/29/2019

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