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#1733038 - 08/21/12 11:39 AM Construction Loan term later changed
Sisyphus Offline
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Sisyphus
Joined: Jun 2008
Posts: 222
Do the subsequent disclosure rules apply to construction loans if the term is extended after the initial phase? I did not find such a requirement and just want to confirm.

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Lending Compliance
#1733070 - 08/21/12 01:08 PM Re: Construction Loan term later changed Sisyphus
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
Construction loans are not exempt from 1026.20. If the extension was accomplished with a new note then the applicable disclosures would apply. If it was done with a modification agreement they would not.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1733081 - 08/21/12 01:28 PM Re: Construction Loan term later changed Dan Persfull
Sisyphus Offline
100 Club
Sisyphus
Joined: Jun 2008
Posts: 222
Thanks!

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