Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums RESPA ARM on Bare Land
Thread Options
#1877413 - 12/10/13 06:02 PM ARM on Bare Land
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
Would an ARM on bare land require a CHARM booklet?
_________________________
Go Packers

Return to Top
RESPA
#1877414 - 12/10/13 06:03 PM Re: ARM on Bare Land Bec
Tater Offline
Platinum Poster
Joined: Jan 2006
Posts: 642
Missouri
Unless your proceeds would be used as a construction-perm loan with a 1-time close, I can't figure out a reason it would be.
_________________________
Born once? Die twice.
Born twice? DIE ONCE!

Loan Review, HMDA, ALLL

Opinions are my own and do not reflect any others

Return to Top
#1877514 - 12/10/13 08:43 PM Re: ARM on Bare Land Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
I thought I read somewhere that you should hand out a CHARM booklet whenever there is to be a ARM loan. But it seems as though for Bare Land you wouldn't need to, but now I am not sure.
_________________________
Go Packers

Return to Top
#1877532 - 12/10/13 09:00 PM Re: ARM on Bare Land Bec
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
The loan is not secured by the consumer's principal dwelling therefore no booklet is required. See 1026.19(b).
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1877673 - 12/11/13 03:45 PM Re: ARM on Bare Land Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
I will definitely check the citation...thank you Dan. Thank you tooo Tator. I appreciate the help smile
_________________________
Go Packers

Return to Top

Moderator:  QCL