On March 1, 2016, the CFPB provided a one-hour presentation titled “Know Before You Owe Mortgage Disclosure Rule – Construction Lending”.
First, the good news:
The webinar confirmed several of our own interpretations regarding construction loans and the Loan Estimate / Closing Disclosure completion, including the disclosure of “holdbacks” in the cash to close table and the use of Appendix D.
And now, the bad news:
In our opinion the webinar was not delivered in plain English. We’ve heard from many of you and the consensus is that you don’t speak “Romanette”! Neither do we! We take pride in translating complex regulatory requirements into plain English (when possible). It’s what we do!
If you’re looking for “in person” training on this or the other complicated elements of TRID join us for one of our upcoming Lending Update Compliance Seminars. We’ll be covering a host of the latest compliance changes…Small Creditors under the Ability to Repay / Qualified Mortgage rules, all the complicated elements of TRID (including construction lending), Flood Insurance updates and an overview of the 2017/2018 HMDA changes. Reserve your seat and sign up today!