Early Disclosure on Renewal/Extension Real Estate

Answered by:

Question:

When should an early disclosure be used on a renewal and extension of a real estate loan?

Answer:

If you're referring to a closed-end loan and it's truly a renewal or extension and not a refinance, then no disclosures (early or final) are required. Refer to 1026.20(a), and the definition of "refinance" in RESPA.

First published on BankersOnline.com 4/23/12