$305.00 – $705.00
Date Recorded: Thursday, March 28, 2019
Presenter: Anetria Connell, Vice President, FORVIS
Construction loans are odd; often, the institution holds back a certain amount of the loan at closing from which the consumer makes draws during the construction phase to pay for the costs of construction; the consumer makes interest-only payments on the amounts actually drawn; and, an institution may enter into loans where the consumer is obligated on the construction phase only, or may enter into loans where the consumer is obligated on both the construction and the permanent phases. This structure can make disclosing construction loans difficult as the borrower’s payment and other terms may be unknown at closing. In addition, the original rules for the Truth-in-Lending/ RESPA Integrated Disclosure (TRID) – the Loan Estimate and Closing Disclosure – often did not address how particular aspects of the rule applies to construction loans, although the Consumer Financial Protection Bureau (CFPB) issued clarifications recently.
This webinar, along with the Construction-Only Loans webinar will address these rules. Given the complexity of the topic, we will present the rules regarding construction loans in two different webinars: the first webinar is focused on construction loans only, and this second webinar is fo- cused on construction-permanent loans. These webinars will be presented on consecutive dates – March 27th and 28th. Both webinars will review basic rules under Regulation Z that apply to both, including Appendix D, as well as each type of transaction presents its own issues for disclosure on the Loan Estimate and Closing Disclosure. The webinars also will detail differences that the new clarifications brought. (Compliance with the TRID clarifications were mandatory October 1, 2018.)
This webinar will be of value to anyone involved with the origination of construction loans, including compliance officers, lenders, and loan processors.
Program Level: Basic
Prerequisite/Advanced Preparation: Basic Knowledge of Lending Regulations
Field of Study: Specialized Knowledge
Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.