AL - Refinancing Restrictions

Posted By: MAKERS

AL - Refinancing Restrictions - 01/06/16 03:25 PM

Our mortgage lending area will soon expand to include Alabama and I am reviewing the related state laws in preparation. Since we sell all of our loans on the secondary market soon after closing, it seems as if the refinancing restrictions of AL Code ยง5-19 would not be applicable in cases where we later closed a new loan on a property we previously financed. Feedback as to whether or not this interpretation is correct would be welcome!