How long do you have to wait to close a loan if it is a second on a home? We know the 10 day rule, but does that apply here?

Thanks in advance.

I'm not sure what 10 day rule you are referring to but closed-end subordinate lien loans are subject to the MDIA timing rules in 1026.19 the same as first lien loans are.

I think the OP is confusing the ten days that the costs shown on the initial GFE must be available to the borrower with the seven day till closing MDIA rules.

So after they receive the disclosures how soon can we close? Sorry we have competing opinions. Thanks

There are no opinions to be had on this because one has nothing to do with the other.

The GFE costs must be available at least ten days. Read Line 1 of the Important Dates section and the corresponding part of the FAQ for details. This is to give the borrower time to decide if they want to proceed. Once they give intent to proceed, be it two or nine days, this clock stops.

Here's the calculator for the MDIA closing date. You'll quickly see exactly what the difference in day count is when you open this up.

Hope it helps settle this for you.

Thank You