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ARTICLE · 03 FEBRUARY 2016

CFPB Releases TRID Guidance For Construction Loans

Troutman Pepper Locke LLP
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The CFPB released a resource intended to help lenders understand and implement the TILA-RESPA integrated disclosures ("TRID") when extending construction loans.

United StatesFinance and Banking
Maryia Jones
Maryia Jones
Jason Manning
Jason Manning
John Lynch
John Lynch
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The CFPB released a resource intended to help lenders understand and implement the TILA-RESPA integrated disclosures ("TRID") when extending construction loans.

The CFPB's factsheet provides that construction loans are subject to TRID requirements as long as they are closed-end consumer credit transactions secured by real property.  The only exception is those construction loans that are open-end transactions or loans for a commercial purpose.  Because construction loans usually involve multiple advances, Appendix D to Regulation Z provides a special procedure to estimate and disclose such terms, as well as guidance for the calculation of the interest portion of the finance charge. 

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