Reply To: Closing Disclosure for a commercial transaction


TRID applies to a transaction subject the Regulation Z that is secured by a dwelling. A loan made in the commercial department may be subject to Regulation Z. If the loan is made to an entity, such as a corporation or a LLC, then Regulation Z and TRID do not apply. Although a TRID disclosure is not required in such a transaction, it is not a violation to provide the disclosure. If the TRID disclosure contains errors, the financial institution would have liability, either under Truth in Lending or under UDAAP.