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