Redisclosure Confusion
Answer by David Dickinson, BOL Guru Guru Bio
Question: If the APR changes during the application process, and the APR actually decreases by more than .125%, is a new disclosure still required to be sent? Are the redisclosure requirements for primary residence only or for all dwellings? I've went through a few webinars, but this issue is still confusing.
Answer: Concerning the over disclosure issue: read our blog from 9/30/09 on this topic. MDIA applies to all closed-end consumer mortgage loans subject to RESPA. This includes primary, secondary, vacation homes and rental properties if the loan is for consumer purposes. Refer to §229319(a)(1)(i) for more information.
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