Answer:
If none of your loan proceeds are for the construction of the residence, your loan is not subject to RESPA.
First published on BankersOnline.com 6/28/10
Early TIL with GFE?
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Question:
We have a bare land purchase loan that is subject to RESPA, since the customers plan to build within three to six months. Because we now have to issue a GFE at application, don't we also have to issue an Early Truth In Lending now as well?
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