New Reg Z Rules - Matured Loan - Follow Up
Answer by David Dickinson, BOL Gurus Guru Bio
Question:
Regarding the Guru Q & A: New Reg Z Rules - Matured Loan , the answer given made it sound like you have to do disclosures on a renewal. I thought a straight renewal without paying off the old loan did not trigger RESPA or early disclosure of REG Z. What say you?
Answer:
Once a loan has matured, you can't renew it. You are correct; a renewal does not trigger new disclosures, but how can you modify/renew a loan that has already matured? Check with your attorney.
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