Since some mortgage companies do not have the ability to provide construction financing, we have partnered with these firms and provide this service.

For the early TIL we have been disclosing our costs and the mortgage company has been providing a early TIL with their costs.

For some of the mortgage companies they require a Fannie Mae/Freddie Mac Note and mortgage and have assigned these to us during the construction phase (We could possibly provide, but our software does not select this since we are providing a multiple advance situation). We also are drafting a mutliple advance construction note. At closing we then provide a TIL with all costs that appear will appear on the Hud-1.

After the construction phase is complete, we will then receive our payoff and release the assignment back to the mortgage company.

It appears that these two sets of dislosures and notes would be confusing to the customer.

Anyone with the same situation that can provide some direction, and keep us in providing the proper dislosures??