Disclosing construction loans within the TRID guidelines can be a challenge. There are a lot of rules to remember and apply appropriately. One area that we see issues with from time to time is disclosing inspection fees/waivers.
Jerod explains more in the video.
Video Highlights:
- Fees collected for construction loan inspections and lien waivers should be disclosed in the Loan Cost Table on page two of the Loan Estimate.
- Fees can be collected after consummation, but an addendum with special headings must be completed, and the information disclosed in that addendum needs to be reflected on page three of the Loan Estimate.
- If fees are over or under-collected in good faith, this is not a tolerance violation.
Published
2023/07/31
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!
