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Since the inception of TILA-RESPA Integrated Disclosure (TRID) rules, many questions exist about how these regulations apply to construction loans. The Consumer Financial Protection Bureau recently released two companion guides focused on disclosing these types of loans under the TRID rules. The first guide (https://files.consumerfinance.gov/f/documents/cfpb_trid-combined-construction-loan-guide.pdf)...

Auditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out to third parties — such as customers and lenders — to confirm that outstanding balances...