Build Your Understanding of TRID Construction Loans

If you are a lender and you make closed-end, multiple advance loans to construct a consumer’s home, you need to be aware of the TRID requirements and how they can impact the transaction.

 

Unfortunately, it’s not quite as straightforward as other types of closed-end consumer home loans.  And, on top of that, while Appendix D of Truth in Lending isn’t exactly new, it is a huge player in the construction loan game as well.

 

Listen to the video as Jerod explains.

 

 

If you’re looking for the latest, greatest information regarding construction loans, you’re in luck!  We’ve put together a two-hour webinar called, “TRID All About Construction Loans” where we are going to get into the nitty gritty details in plain English.

 

We will also provide some sample disclosures including a NEW Construction-Permanent (one closing) ARM disclosure.  We hope you join us on July 16th, you don’t want to miss this!

 

Register NOW!

 

Published
2019/07/09
Jerod Moyer

 

Want more to see all the TRID Free Tools? Go HERE!
Want to see the latest Blogs on TRID? Go HERE and scroll down.

Want more TRID training? Go HERE!

TRID for Beginners

What is an intent to proceed? Where does it go? How do I document it? Why do we even have to do it?

If you’re a seasoned TRID veteran, you very likely know the answers to those questions. It’s really not that complex, but if you’re brand new to TRID, something as simple as an intent to proceed can be a completely foreign concept and even cause some confusion.

 

Listen to the video as Jerod explains.

 

 

If you’ve got people on your team that are brand new to TRID compliance or will have people new to the consumer mortgage loan compliance game down the road, we hope you will join us for our “TRID for Beginners” webinar on July 11, 2019.

 

Register NOW!

 

Published
2019/07/03
Jerod Moyer

 

Want more to see all the TRID Free Tools? Go HERE!
Want to see the latest Blogs on TRID? Go HERE and scroll down.

Want more TRID training? Go HERE!

TRID: Construction Loan Escrow Payment

Question: 

On a construction-permanent loan (one closing), should the escrow payment be reflected in the first column of the Projected Payments Table?  

 

BSA Training and Banking Regulations Compliance Consulting AdobeStock 118898100 1 300x200 - TRID: Construction Loan Escrow Payment

Answer:

It depends.

When disclosed as a single transaction and the construction phase is less than a full year, the first column should reflect payments during the construction and permanent phases, as well as any escrow (and/or mortgage insurance) payment.

 

Join us for the TRID: All About Construction Loans Webinar on July 16, 2019. We will answer all the questions submitted during the live webinar, in writing.

 

Register NOW!

 

Published
2019/06/21

 

Want more TRID Free Tools? See them HERE.

Find out more about TRID Construction Loans HERE. (scroll to see all our blogs regarding construction loans)

TRID Sales Price: Multiple Properties

Question: What do you use for the Sale Price if the customer is taking out one loan to buy two different pieces of property that will both secure the loan?BSA Training and Banking Regulations Compliance Consulting AdobeStock 246236254 300x200 - TRID Sales Price: Multiple Properties

 

 

Answer:  All properties that secure the loan and are being purchased as part of the transaction should be included in the total Sale Price disclosed.

 

Join us for the TRID For Beginners Webinar on July 11, 2019. We will answer all the questions submitted during the live webinar, in writing.

Learn more about TRID Compliance here. 

 

Register NOW!

 

Published
2019/06/12

 

Want more on TRID see the latest blogs HERE!

TRID Changed Circumstances: Do I have to wait an additional three days?


We have to admit, the recently updated TRID FAQs were a little disappointing.  There is really nothing new under the sun here.  The first three have to do with providing a Closing Disclosure, encountering something that causes it to be inaccurate, and then having to provide it again.  The main question being, “Do I have to wait an additional three days?”  Well, it depends and that’s what those questions get into, but again, there’s nothing new. The fourth question has to do with the model forms that were published with the original TRID Final Rule. The question there being, “Can you rely on those model forms even though they may not quite line up with what the banking regulations say?” The Q&A confirms that if you rely on the model form, even though it doesn’t line up with the regulation, you would still be deemed to have complied. Again, this is nothing new but if you are unfamiliar with anything in these areas, by all means, give them a read.

 

 

If you’re looking for more in-depth TRID information, you’re in for a treat. Our team has been going across the country for about the last year and a half doing this program called Changed Circumstances, Revised Loan Estimates, and Revised Closing Disclosures.

Based on the feedback we’ve received, we decided to put it into a bankers training webinar format. We would love to have you join us on February 26th where we will spend two hours discussing changed circumstances and revising both the Loan Estimate and Closing Disclosure. Register today!

We can’t wait to see you there!

Published
2019/02/19
Jerod Moyer