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Temporary Construction Loans

Home Forums Real Estate Settlement Procedures Act/ Regulation X Temporary Construction Loans

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  • #6027
    Lexegay
    Participant

    Jack,

    At your seminar on the Integrated Mortgage Disclosures you said that begining in August of 2015 Temporary construction loans will need the GFE and early disclosures. Presently, if we have a committment letter from another lending institution we do not give the GFE and early disclosures, that being said; do we continue to do as we are currently doing? Regardless, will be be required to provide the GFE and early disclosures on all temporary construction loans?

    #6032
    rcooper
    Keymaster

    You can continue your current practice until August 1, 2015. On August 1, 2015 construction-only loans will fall within the scope of the integrated disclosure rules and you will need to give the integrated disclosure on those loans.

    #6045
    jholzknecht
    Keymaster

    Lexegay,

    Thanks for attending the program and for submitting your question. Robin has very succinctly answered your question

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