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?  

 

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.

 

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Published
2019/06/21

 

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