Collateral Address- Real Estate Secured (TRID)

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Question:

When populating the collateral address for consumer closed-end, real estate secured loans (TRID), is there an industry best standard for WHERE we obtain this address from? I know that it must always include the zip code, and a location (if an address via US Postal Service is not available), but I'm curious if there is an unspoken standard of what document this is best obtained from, such as the counties property record card, the written evaluation provided to us from a certified appraiser, borrower attested to, etc.

Answer:

Randy Carey:

There is no industry standard other than what is in the commentary:

37(a)(6) Property.
1. Alternate property address. Section 1026.37(a)(6) requires disclosure of the address including the zip code of the property that secures or will secure the transaction. A creditor complies with § 1026.37(a)(6) by disclosing a complete address for purposes of the U.S. Postal Service. If the address is unavailable, a creditor complies with § 1026.37(a)(6) by disclosing the location of such property including a zip code, which is required in all instances. Location of the property under § 1026.37(a)(6) includes location information, such as a lot number. The disclosure of multiple zip codes is permitted if the consumer is investigating home purchase opportunities in multiple zip codes.

Answer:

John Burnett

You can obtain the address from the loan applicant. Another source, when the loan will be used to purchase the property, is the Purchase Agreement. Assessors' maps may be of help, and Google Maps may also have a street address for the property. Sometimes you'll have to use a lot number for the loan estimate if the assigned street number isn't available until later in the application process, and you can swap in the street number address for the closing disclosure.