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#2222002 - 09/20/19 04:46 PM GMI on a Construction Loan
ScoutLaRue Offline
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Joined: Jul 2016
Posts: 73
We do not collect GMI on a regular temporary construction loan--but in these other situations I am unsure how to proceed;
Under Reg B should we be collecting GMI on a Construction loan but for a remodel of the home? Or if we're doing a temporary construction loan to build a dwelling but are also taking additional collateral (their current principal residence) during the construction only phase?

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#2222058 - 09/21/19 03:04 PM Re: GMI on a Construction Loan ScoutLaRue
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,617
Galveston, TX
A home improvement or remodel loan - not under Reg B.

Temporary financing is also exempt from Reg B collection regardless of the collateral.
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