Timing for Construction Loan Disclosures

Answered by:

Question:

Do we have to disclose permanent financing for Construction loans if the customer does not “apply” for permanent financing?

Answer:

You must provide a loan estimate within three days after receiving an application for permanent financing. The regulation allows delivery of a separate LE disclosure for the permanent phase before receiving an application for permanent financing at any time not later than the seventh business day before consummation.
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