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#2303923 - 12/09/24 08:46 PM Escrow on Single-Close Construction-to-Perm Loan
TheManofSteel Offline
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TheManofSteel
Joined: Nov 2006
Posts: 10,069
Fortress of Solitude
If only a single set of disclosures are issued for a construction-to-perm loan, but there is no escrow until the permanent phase, should page 4 indicate there is escrow, since there will not be an escrow account for approximately one year?
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TRID - TILA/RESPA Integrated Disclosures Rule
#2303991 - 12/10/24 08:39 PM Re: Escrow on Single-Close Construction-to-Perm Loan TheManofSteel
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,239
Galveston, TX
A closing disclosure will reflect what is happening at closing as far as escrows. If you are requiring them to stablish an escrow account after the one-year construction period, then estimated escrow payment will be reflected in the payment table beginning in Year 2 on page one.
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