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We are doing a TRID loan and are unsure what to put for the Purpose on the LE and CD. The borrower closed a loan with us a year ago to construct their personal residence. (construction to permanent financing) They have complete the house but still owe the contractor $100,000. They are taking a 2nd mortgage with us (monthly payments) solely to payoff the contractor. Do we use Construction or Equity for the purpose of the TRID disclosures? Do we collect the government monitoring information?
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