Although we have made significant efforts to determine Loan Purpose on the Loan Estimate and Closing Disclosure using existing data (see our announcements on the subject here and here), there are still a few exceptional cases where the current data does not translate well into a Purpose for the LE and CD. In an attempt to alleviate these issues, we have created “TRID Loan Purpose” (Field 101832). The options for this new field are Purchase, Refinance, Construction, and Home Equity Loan. Please note that using this field will only change the displayed Purpose on the LE and CD, and will not change any other documents or calculations at this time. If “TRID Loan Purpose” is not used, our current logic for determining Purpose will continue working as it does now.
This new field will be implemented on Wednesday, February 10, 2016. If you have any questions or concerns about this new field, please contact Client Support at 1.800.397.3584.