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Course Details

TRID For Construction Loans

Webinar: ID# 1002950
Date: Recorded
About This Course:
This training program provides an update on regulatory guidance for construction loans. It explains coverage and exemption rules and provides section-by-section guidance on completing the Loan Estimate and the Closing Disclosure for the most typical construction loan options.

The program provides answers for the many questions bankers have regarding the proper disclosure of construction loans. Numerous form samples also are provided.What You'll Learn:
  • When and why construction loans are covered by the TRID rules
  • How to complete the loan estimate and closing disclosure for:
    • Construction only loans
    • Combined construction/permanent loans (both one-close and two-close)
    • Permanent financing that replaces construction financing
  • How to properly estimate interest on a construction loan
  • The impact of a construction only loan versus a lot purchase/construction loan
  • When to disclose "Sales Price", "Estimated Value", or "Appraised Value"
  • How to determine the proper "Purpose" of the loan
  • How to properly describe the "Product"
  • The proper disclosure of projected payments
  • How to properly disclose inspection fees
  • How to disclose undisbursed construction funds
  • Completing the "Cash to Close”, “Optional Alternative Cash to Close" and "Cash to Close" in the Borrower's Summary of the Closing Disclosure
  • When the AP Table is needed and how to properly complete it
  • How to complete the "In 5 years" disclosure for short-term construction loans
  • When to include the "60 days prior to consummation" disclosure
Order:
TRID For Construction Loans
Available on CD or On-Demand formats
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