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Integrated Disclosure Clarification

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  • #6813
    kowsley
    Member

    Just needing clarification on an issue: New Integrated Disclosures cover closed-end consumer credit transactions secured by real property (dirt) which would include “land only” transactions; however, RESPA still includes the exemption for vacant land. Is this accurate? So even though RESPA still has this exemption, we would complete ID on land only?

    #6814
    rcooper
    Member

    Yes, that’s correct. Here a link to a similar Q&A:
    https://www.jackscomplianceresource.com/forums/topic/lot-loans-the-loan-estimate/

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