Residential Bridge Loan Disclosures

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Residential Bridge Loan Disclosures
by David Dickinson, BOL Guru
BIO AND CONTACT INFO

Question: What disclosures are required for a bridge loan to purchase a residence?

Answer: It depends on what will happen at the end of the bridge loan. If your loan will be completely payed off, the bridge loan is not subject to RESPA or HMDA, but is still subject to TIL, flood and the appraisal disclosure. If you bridge loan is secured by the current (old) home, you will also need to give the right of rescission.

If you bridge loan will be followed by permanent financing, read this string http://www.bankersonline.com/ubbthreads/showflat.php?Cat=&Board=UBB1&Number=10379&fpart=&PHPSESSID= I have this marked as a favorite because this question comes up so often.

First published on BankersOnline.com 09/16/02

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