Disclosures & ROR on Loan & Deed Assumption
Answer by Dan Persfull, BOL Guru Guru Bio
Question: We have a mortgage loan in which a son is assuming the deed and mortgage loan from elderly mother and father with original terms of note. Are new disclosures required? If so, which ones? Does ROR apply?
Answer: There is a lot involved. To get you started review the following regulations:
226.19(b)(1)
226.20(b) and its Commentary
226.35
Commentary to 202.2(c)(2)(v)(2)(e)
3500.5
Commentary to 203.1 and 203.4
The BOL Alphabet Soup will get you started as to getting the current regs.
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