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#169563 - 03/15/04 09:44 PM MICHIGAN BILL OF RIGHTS DISCLOSURE
Anonymous
Unregistered

Can someone please confirm whether I am accurate in this regard. From my understanding the Michigan Bill of Rights Discloure applied to 1st and 2nd non-purchase money mortgage (refinance)transactions. There seems to be some confusion, because when our retail division brokered out a loan, the lender required us provide a Michigan Bill of Rights Disclosure on a purchase transaction. I just want to make sure that I'm providing the correct information. Any input will be greatly appreciated.

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#169564 - 03/15/04 10:18 PM Re: MICHIGAN BILL OF RIGHTS DISCLOSURE
Anonymous
Unregistered

I agree that the disclosure is not required for purchase money transactions. The definition of a mortgage loan under the Act excludes "loans in which the proceeds are used to acquire the dwelling."

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#169565 - 03/15/04 10:32 PM Re: MICHIGAN BILL OF RIGHTS DISCLOSURE
Anonymous
Unregistered

Thanks for sharing your thoughts. So "loans in which the proceeds are used to require the dwelling" would mean purchase transactions correct? Thanks.

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#169566 - 03/16/04 05:33 PM Re: MICHIGAN BILL OF RIGHTS DISCLOSURE
Anonymous
Unregistered

Yes, those would be purchase transactions.

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