You may recall that the TRID rules and construction loans didn’t necessarily get off on the right foot with each other. And, we still see that construction loans seem to be extra challenging for financial institutions. One such challenge is when you have a construction or permanent loan (one closing) where you will not have an escrow account in connection with that initial construction phase, but will set up an escrow account in connection with the permanent financing.
How do you complete the disclosures on page four of the Closing Disclosure?
Diane explains more about TRID & construction loans in the video.
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!