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Early Truth in Lending

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  • #2434
    dcsluder1
    Participant

    We are preparing docs for a construction loan to build a primary residence on 15 acres. What I read is we need to prepare an early til and that seems to be the only disclosure we need to do. The clients are looking at rates to put on a perm mortgage with another bank. Is this the only disclosure we need? Thank you for your help. One more thing this is a draw down line of credit….does that make any difference as to the early til?

    #2781
    JGo9
    Participant

    The rest of your earlies will not apply since you have a takeout. Be sure to document your file with the fact that you have a takeout from another institutions.

    #2782
    jholzknecht
    Keymaster

    If your draw down line of credit qualifies as open-credit, then you must provide open-end disclosures rather than the early disclosures required for closed-end credit.

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