No LE/CD if 12 month term???

Home » Topics » Truth in Lending/ Regulation Z » No LE/CD if 12 month term???

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September 25, 2019 at 11:42 am EDT #16133

amarie1126
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We have a lender saying we do not need to do Loan Estimates or Closing Disclosure for loans, including construction loans, secured by the borrowers primary residence, this one is a RLOC for 12 months, because it’s ‘short term financing’. Does anyone know this to be true?
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September 30, 2019 at 10:22 am EDT #16143

rcooper
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TRID applies to closed-end consumer credit transactions that are secured by real property, other than reverse mortgages. Note it applies to closed-end credit, not open-end, and also note there is no exemption for short term loans.
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