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#1267151 - 10/15/09 04:00 PM MDIA on Construction Loans
In Need of Help 101 Offline
Platinum Poster
Joined: Jan 2006
Posts: 574
I am so confused this week on everything...

Does MDIA apply to a construction loan...construction phase only? In this instance the land is already in the borrower's names.

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Lending Compliance
#1267177 - 10/15/09 04:14 PM Re: MDIA on Construction Loans In Need of Help 101
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
If you may do the permanent loan, IOWs if you don't have a take out commitment from another FI, then you may do the permanent financing then the loan is subject to RESPA, therefore subject to 226.19(a). If the loan is not subject to RESPA then it is not subject to 226.19(a).
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The opinions expressed are mine and they are not to be taken as legal advice.

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