TRID: Construction Loan Escrow Payment

Question: 

On a construction-permanent loan (one closing), should the escrow payment be reflected in the first column of the Projected Payments Table?  

 

Answer:

It depends.

When disclosed as a single transaction and the construction phase is less than a full year, the first column should reflect payments during the construction and permanent phases, as well as any escrow (and/or mortgage insurance) payment.

 

Join us for the TRID: All About Construction Loans Webinar on July 16, 2019. We will answer all the questions submitted during the live webinar, in writing.

 

Register NOW!

 

Published
2019/06/21

 

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Jerod Moyer

Jerod Moyer

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!

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