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BankersOnline.com Forums Dodd-Frank Final Rules Discussions HOEPA and Homeowner Counseling Rule Construction to permanent
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#2202623 - 01/10/19 07:02 PM Construction to permanent
Banker57 Offline
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Joined: Jul 2010
Posts: 439
Minnesota
Can I get clarification if Home Ownership Counseling applies to one-time close, construction to permanent financing?
thank you

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HOEPA and Homeowner Counseling Rule
#2202628 - 01/10/19 07:12 PM Re: Construction to permanent Banker57
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,388
Galveston, TX
Only temporary financing would be exempt.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2202633 - 01/10/19 07:21 PM Re: Construction to permanent Banker57
Banker57 Offline
Gold Star
Joined: Jul 2010
Posts: 439
Minnesota
Thank you rl. So during the construction phase it is not required. But when the permanent financing kicks in it is required.

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#2202634 - 01/10/19 07:23 PM Re: Construction to permanent Banker57
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,388
Galveston, TX
You said this is a one-time close - there is only one loan.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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