Question:
Do we collect the Government Monitoring Information for a temporary construction loan where the loan purpose was to purchase a lot and construct home? Answer: As long as both the lot purchase money and the construction money will be permanently financed with a later loan, the entire loan is considered “temporary financing,” and therefore Government Monitoring Information should not be collected. Comments are closed.
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March 2020
CategoriesCompliance Alliance offers a comprehensive suite of compliance management solutions.
To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com. |