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Disclosures for Interim Consumer Construction Loan

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Question: 
What disclosures would I need on an interim construction loan (consumer)? I'm looking on doing the interim construction loan only.
Answer: 

You don't state whether there will be a transfer of the property to the first user.

If any proceeds from the loan are to purchase the lot it will be subject to RESPA and all the early disclosures will apply.

If the lot is not being purchased from any proceeds of the loan there would be no early disclosure requirements. You would just provide the applicable disclosures at closing.

Check out the following free tools. http://www.bankerscompliance.com/compliance-resources/free-downloads.htm

First published on BankersOnline.com 4/18/11

First published on 04/18/2011

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