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#2213290 - 05/09/19 08:20 PM Home Loan Toolkit
Love those Regs Offline
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Joined: Apr 2002
Posts: 290
Southern State
If we provide the Home Loan Toolkit booklet at application for a construction loan, do we have to provide it again if the customer comes to us for their permanent financing once the house is completed or because we issue a new note this is basically a refinance which is exempt from the requirement?
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#2213842 - 05/16/19 09:28 PM Re: Home Loan Toolkit Love those Regs
ComplyCycle Offline
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ComplyCycle
Joined: Dec 2014
Posts: 388
https://www.bankersonline.com/forum/ubbthreads.php/topics/2034194/home-loan-tool-kit

It's required on all new applications. Do you consider the permanent financing to be a new application?

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#2213845 - 05/16/19 10:25 PM Re: Home Loan Toolkit Love those Regs
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
It's required on all new applications.

It is??

(iii) The creditor or mortgage broker need not provide the booklet to the consumer for a transaction, the purpose of which is not the purchase of a one-to-four family residential property, including, but not limited to, the following:

(A) Refinancing transactions;

(B) Closed-end loans secured by a subordinate lien; and

(C) Reverse mortgages.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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