Does TRID apply when the purpose is consumer and collateral commercial.

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This topic has 2 replies, 3 voices, and was last updated 5 years, 4 months ago by Anonymous.

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April 25, 2019 at 1:45 pm EDT #14813

kmeade
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Do the requirements for a Loan Estimate and Closing Disclosure (1026.37 and 1026.38) apply on a consumer purpose loan, in an individual’s name, if the loan will be secured by commercial real estate?
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April 26, 2019 at 8:09 pm EDT #14941

rcooper
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If it is closed-end consumer credit (primarily for personal, family, or household purposes) secured by real property (including commercial property) it would be covered by TRID.

June 25, 2020 at 11:23 am EDT #32371

Anonymous
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We have our first loan with this situation. Does the 7 day timing period between the LE and the loan closing apply since this wouldn’t be covered by RESPA?
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