Compliance Alliance Q&A 8/7/18

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.

WVBankers and Compliance Alliance - Helping you reach compliance success.

Contact Diane Harman for more information. 

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Live demo on August 7th @ 10:00am CT.

Live demo on August 9th @ 1:00pm CT.

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