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#1810169 - 05/02/13 02:29 PM Periodic Statement and Construction Loans
GTS333 Offline
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Joined: Jun 2010
Posts: 257
For construction and construction-to-perm loans, at what point must the servicer start providing the new periodic statement?

I understand that the periodic statment must be provided "for each billing cycle" for closed-end loans secured by a dwelling. Is it considered a dwelling during the construction phase when no property has yet been built? I would think that the periodic statement requirement does not kick in until the permanent phase of the loan when the consumer starts having to repay the mortgage and constrction has been completed, however, I know that some construction loans require repayment of certain amounts during the construction phase. Any insights?

Thanks
Last edited by GTS333; 05/02/13 04:09 PM.
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My opinion, take it for what its worth. Opinions expressed are my own and not those of my employer and are not legal advice.

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Mortgage Servicing Rules
#1813027 - 05/10/13 01:57 PM Re: Periodic Statement and Construction Loans GTS333
GTS333 Offline
Gold Star
Joined: Jun 2010
Posts: 257
<Bump>
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My opinion, take it for what its worth. Opinions expressed are my own and not those of my employer and are not legal advice.

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