Does your financial institution make construction loans? Maybe the kind that has an interest-only feature that’s followed by a balloon payment at the end of the construction term?
If you make those kinds of interest-only construction loans, the TRID rules are going to be changing quite a bit for you and your team here on October 1st of 2018. For example, in the loan term section, there is going to be a requirement that you now state that the payment is going to change, where in the past you didn’t have to do that. Could be confusing for some of your lenders, possibly even confusing for some of the borrowers.
You’re also going to trigger the AP table, the Adjustable Payment table, on page 2, by indicating within the loan term section on page one that the payment will in fact change. There are several nuances that go into how you complete those sections. If you want to hear about more of those requirements, as well as all of the other things that go into TRID and construction loans, the nuances that are changing come October 1st of this year, I would invite you to join us on August 8th for our TRID All About Construction Loans webinar. We’d love to have you come and join in and listen to us talk about TRID construction in plain English. I hope to see you there. Thanks.
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Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!