[Lexegay]

Jack,

At your seminar on the Integrated Mortgage Disclosures you said that begining in August of 2015 Temporary construction loans will need the GFE and early disclosures. Presently, if we have a committment letter from another lending institution we do not give the GFE and early disclosures, that being said; do we continue to do as we are currently doing? Regardless, will be be required to provide the GFE and early disclosures on all temporary construction loans?

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[rcooper]

You can continue your current practice until August 1, 2015. On August 1, 2015 construction-only loans will fall within the scope of the integrated disclosure rules and you will need to give the integrated disclosure on those loans.

[jholzknecht]

Lexegay,

Thanks for attending the program and for submitting your question. Robin has very succinctly answered your question

[Author]

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