- This topic has 1 reply, 2 voices, and was last updated 2 years, 2 months ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
-
Posts
-
For a TRID consumer home construction loan where the borrower is not purchasing or refinancing the land, where the borrower already owned the land, the loan purpose on the LE and CD would be construction. If that initial construction loan had to be renewed/refinanced to allow more time to complete the construction, and a new note is used, would that second loan be shown on the LE and CD as construction, or refinance? New funds are included in the new construction loan. 84% of the loan amount is the refinance of the initial construction loan and 16% is new funds for construction.
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.