Answer:
They do not if it's truly a modification and not a refinancing. Refer to Section 226.20(a). If you replace the construction loan with a permanent loan, it is subject to MDIA.
First published on BankersOnline.com 6/21/10
Meeting MDIA Guidelines
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Question:
Do construct to perm loan mods need to meet MDIA guidelines, comparing the Construction TIL to the Permanent Loan TIL?
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