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#2202175 - 01/07/19 04:56 PM 1 Application- 2 Loans (Construction to Perm)
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
Good morning,
Where would I find the guidance for using 1 application for a 2X-Close Construction to Perm loan? My employer does use 1 application for both the construction to perm loan, and discloses both within 3 days from receipt of application. I just can't find where in the reg to do so...

I remember a guru pointing out the verbiage, but for the life of me, I can't find it in my past posts. I remember that it doesn't specifically state to disclose the end loan, but rather to ensure that the applicant has permanent financing; whether with the same FI or another. For my employer, we require a take-out letter from another FI if my FI isn't financing the end loan. Otherwise, my FI discloses the end loan too.

Can someone please point me in the right direction?

Thank you so much!

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Lending Compliance
#2202180 - 01/07/19 05:11 PM Re: 1 Application- 2 Loans (Construction to Perm) Cheli
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,892
Galveston, TX
Official Interpretation- 19(e)(1)(iii) Timing.- New Comment 5.

It is all based on when you get the application for the permanent loan. A take out commitment from another lender is not needed.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2202202 - 01/07/19 06:38 PM Re: 1 Application- 2 Loans (Construction to Perm) Cheli
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
Thank you so much, Randy!

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