WASHINGTON (3/2/16)--Questions on how construction lending fits in the Consumer Financial Protection Bureau’s (CFPB) new mortgage disclosure rule were the topic of discussion of a webinar hosted by the bureau Tuesday.
The recording of the webinar, including the PDF slide presentation, is available here.
Construction loans covered under the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule are defined as “closed-end consumer credit transactions secured by real property.”
According to the bureau, disclosure requirements, guidance and implementation materials generally apply to covered construction loans, even if the guidance isn’t directly on construction loans.
Some of the questions asked (and answered) during the webinar included:
The CFPB’s TRID rule became effective in October, and the bureau has posted a number of webinars and implementation resources online.