When it comes to construction loans, there are a lot of additional things you need to consider for the disclosures, namely the Loan Estimate and Closing Disclosure, to be in compliance with the TRID requirements. The way certain things, such as the funds held for construction costs, are reflected is generally unique to these types of loans. It may also be one of the few times your institution needs to disclose an Adjustable Payment (AP) Table. In a lot of respects, disclosing a construction loan is like trying to fit a square peg into a round hole. We see this with sections like the Calculating Cash to Close and the AP Tables.
Jerod explains more in the video.
Published
2024/08/19
