Construction loans under TRID have proven to be very challenging for many community banks and credit unions. The reason for this is twofold: the CFPB did not provide much guidance in regards to construction loans and the guidance that they did provide is often found to be confusing. For this reason, it is worth revisiting the TRID rules for construction loans every once in a while. I recently received a question regarding the purpose field on the Loan Estimate (LE) as well as the Closing Disclosure (CD) for single-close, two phase construction loan where the land was
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