We have did a first mortgage construction loan for our borrower to build his primary residence. The borrower found out they need additonal funds to complete the construction so we are doing a 2nd mortgage on the same property to give them additional funds. Does the new 7 day timing requirement apply to this loan also since we will be doing a new good faith?

New loan = new disclosures on applicable loan. The 7 day timing rule is tied to the Early Truth-in-Lending Disclosure (Reg Z), whereas the GFE (RESPA) has it's own timing requirements.