"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
South Carolina Construction Loan Agreements and Variations
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State:
Multi-State
Control #:
US-CLA198
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Word;
PDF;
Rich Text
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FAQ
Pursuant to Section 37-1-109, designated dollar amounts in the Consumer Protection Code are subject to change on July 1 of every even-numbered year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI).
The TILA-RESPA rule applies to most closed-end consumer credit transactions secured by real property, but does not apply to: HELOCs; ? Reverse mortgages; or ? Chattel-dwelling loans, such as loans secured by a mobile home or by a dwelling that is not attached to real property (i.e., land).
The integrated mortgage disclosures apply to most consumer mortgages except: Home-equity lines of credit. Reverse mortgages. Mortgages secured by a mobile home or dwelling not attached to land. No-interest second mortgage made for down payment assistance, energy efficiency or foreclosure avoidance.
RESPA covers loans secured with a mortgage placed on one-to-four family residential properties. Originally enforced by the U.S. Department of Housing & Urban Development (HUD), RESPA enforcement responsibilities were assumed by the Consumer Financial Protection Bureau (CFPB) when it was created in 2011.
(1) With respect to a secured or unsecured consumer credit transaction payable in two or more installments, after a consumer has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of goods that are collateral, a creditor may give the consumer the notice ...
When the loan will be paid off and a new permanent mortgage initiated, RESPA isn't involved. However, if the loan is a construction-to-permanent loan in one package, it is subject to RESPA.
RESPA applies to home loans made for residential properties designed to accommodate one to four families. These loans include most home purchase loans as well as home equity lines of credit (HELOCs), mortgage refinances and home improvement loans.
The law bans ?flipping? within 42 months of an existing loan without providing the borrower with a net tangible benefit. Each time a loan is flipped, it strips the home of equity wealth in the form of high fees. If refinancing with the same lender, points or fees cannot be charged.