Happy Friday Blend Community! From the Blend release notes dated 04/19 and 03/22, customers applying for a construction perm loan now have the ability to provide information on cost of construction and loans/ownership on the lot/land. Given that this would then be considered a construction/perm refinance and also trips a TRID application, we are running into situations where the customer is either potentially just looking to see if they can get approved for a certain loan amount and/or they are wanting to build, but have not gotten to the point of where they have signed a contract with a builder yet. Before these two questions were implemented, we were able to consider them prospects and not have to send initial disclosures until the customer was ready, with construction contract in hand. While it would be ideal for the customer to skip those questions, allowing the clock to not start until the loan officer tripped the application for disclosures, we all know that the chances of that happening in a self-service platform to be slim. How are the other construction perm lenders in this group handling those situations?
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