Skip to content
GeoDataVision
Thread Options
#474994 - 12/27/05 03:45 PM First mortgage, then a second mortgage
Tricia Offline
Gold Star
Joined: May 2004
Posts: 458
Smack dab in the middle of IL
We are doing a first mortgage to pay off a HUD loan plus part of a second mortage from another bank. Then we are going to do a second mortgage to finish paying of the other second mortgage plus give customer some $$$ for other debt. Our question is since we are doing these at the same time, do we need double early disclosures, HUD statement, GFE, right of rescission, etc?
_________________________
Life is the willingness to be yourself and live in harmony with others. - Dr. Cherie Carter-Scott

Return to Top
Lending Compliance
#474995 - 12/27/05 03:52 PM Re: First mortgage, then a second mortgage
#12 Offline
Diamond Poster
Joined: Jun 2005
Posts: 1,338
I'm sure someone will correct me if I'm wrong, but I believe 2 loans = 2 sets of disclosures.
_________________________
CRCM

Return to Top

Moderator:  Andy_Z