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#2122613 - 03/20/17 10:38 AM Two Phase Construction Loan
NeBanker Offline
Gold Star

Registered: 06/12/08
Posts: 400
We have had much discussion on doing a two phase construction loan and I have a few questions.

When we get an application for the initial construction of a home and we will do the permanent financing we would provide a LE for the initial construction and then an LE for permanent financing. The LE for the permanent financing would have the "60 Day" disclosure.

Then at least 60 days prior to the expected closing of the perm loan we would issue another LE with updated figures correct? What happens if we close the loan sooner than the 60 days after providing the revised LE?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2122617 - 03/20/17 10:43 AM Re: Two Phase Construction Loan [Re: NeBanker]
rlcarey Online
10K Club

Registered: 07/16/01
Posts: 61932
Loc: Galveston, TX
Then those changes, unless supported by a valid changes circumstance, would not reset your tolerances.
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