Scenario: Borrower has a loan secured by his primary dwelling. Borrower is now using equity in this home to purchase a new home which will now be his primary dwelling. The original dwelling will now be his son's home. A security interest will be taken on the original home and on the new primary dwelling. Does the ROR apply to the original home since the transactions are happening simultaneously? Or is this considered a bridge loan regardless that the transactions are happening at the same time?

You are taking a security interest in the current primary dwelling. The ROR applies.

Thanks Dan. I guess I keep getting hung up on the idea that you can only have one primary dwelling at a time and if these transactions are happening simulataneous, we are actually saying the customer has two primary dwellings.

Where will he be sleeping at the time of closing? That used to help us sort thru that confusion.

That's a good way to look at it. Thanks!

Whether he moves out the day of closing does not IMO make a difference. At the time the transaction took place, you took a security interest in the current primary dwelling.