Consumer Real Estate Loans w/ 7 Day Waiting Period

Answered by:

Question:

For what type of consumer real estate loan is there a 7 day waiting period?

Answer:

All closed end consumer mortgage loan applications subject to RESPA. This includes primary and other residences such as vacation or second homes (including rentals if the loan proceeds are used for consumer purposes). Refer to Section 226.19(a)(1)(i).

First published on BankersOnline.com 6/6/11