FACTA - Financing to Construct Primary Residence

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Question:

Under FACTA, would a Notice To Home Loan Applicant and associated credit score information be necessary on a loan to finance construction of the consumer/borrower's primary residence?

Answer:

Yes - an application for a consumer loan secured by 1-4 units of residential real property requires the disclosure. There is no exemptions for temporary financing.

First published on BankersOnline.com 08/15/05