CFPB Publishes Additional Guidance on Construction Loans

On December 18, 2019, the Consumer Financial Protection Bureau (CFPB) published two Guides, one on disclosing construction and construction-permanent loans with a separate Loan Estimate and Closing Disclosure for each phase of the transaction and one on disclosing one, combined Loan Estimate, and one, combined Closing Disclosure for both phases of a construction-permanent transaction.

The Guides provide guidance and illustrative examples for commonly asked about TRID and Regulation Z provisions related to completing these construction and construction-permanent loan disclosures. They are located on the CFPB page under “Guides.”