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Regs on Renewals Secured w/ Primary

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Question: 
Can you tell us which regs apply on renewals secured with a primary residence? Here is the scenario: A loan (on our books) secured with a home matures. No new funds are advanced. We renew the existing loan for an additional three years. Which disclosures are we required to provide?
Answer: 

You will have to review Regulation Z Section 1026.20 to determine whether this would be considered a refinancing or not.

First published on BankersOnline.com 6/18/12

First published on 06/18/2012

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