Residential construction lending has so many facets and so many requirements that need to be considered…from safety & soundness guidelines to compliance requirements and with any project we must be ready for unexpected challenges. This webinar will explain the requirements so that you will be ready to nail the details for any residential construction loan request!
This session will cover underwriting issues, compliance requirements, and the special documentation needed for residential construction lending from start to finish, including best practices for managing draw requests! In addition, sample policy language, checklists, and other tools will be offered and discussed.
What You’ll Learn
- Underwriting considerations (maturities, advances, LTV issues, appraisal guidelines, etc.)
- Construction contract/agreement with the borrower
- Explanation of construction loan documentation
- How to use Appendix D to estimate your disclosures
- TRID requirements for various scenarios – single close/multiple close; single disclosures/multiple disclosures
- Appraisal considerations including best practices for inspections
- Flood FAQs relating to construction loans
- How to control the disbursement of funds
- Preparing the borrower for the escrow shock
- Toolkit Includes:
- Inspection Report
- Construction Draw Schedule
- Construction Loan Checklist
- Sample Loan Estimate and Closing Disclosure completed for various scenarios
- Flood Calculation Worksheet
Who Should Attend
This webinar will be of value to anyone involved in the administration of residential construction loans including Lenders, Loan Processors, Compliance Officers, and Auditors.