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#1864235 - 10/23/13 05:02 PM 2nd lien Construction Note
AmosMoses Offline
Junior Member
Joined: Apr 2011
Posts: 38
Texas
We have a borrower who is a builder that has taken out a note to construct their own personal residence. The borrower has run into cost overruns and now needs additional funds. We will be making a new note and taking a 2nd lien. Is this loan subject to RESPA/REG Z if we have issued a perm takeout?

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Lending Compliance
#1864238 - 10/23/13 05:05 PM Re: 2nd lien Construction Note AmosMoses
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,591
Galveston, TX
Yes.
Last edited by rlcarey; 10/23/13 05:05 PM. Reason: misread the original question
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