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#526432 - 04/04/06 02:57 PM Construction to Perm Loan and ROR
LoveHMDA Offline
Gold Star
Joined: Nov 2005
Posts: 283
Do we need a 3 day ROR on loans where we are taken the interim loan to perm?

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Lending Compliance
#526433 - 04/04/06 03:19 PM Re: Construction to Perm Loan and ROR
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,398
No. This is a purchase so no ROR is required.

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#526434 - 04/04/06 03:31 PM Re: Construction to Perm Loan and ROR
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
See the OSC, 226.2(a)(24)(4). It would still qualify as a Residential Mortgage Transaction.
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The opinions expressed are mine and they are not to be taken as legal advice.

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