Loan Disclosures for Advances

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Question:

Customer has a loan with us on rental property. What disclosures are required in order to advance back for repairs to subject property?

Answer:

This will depend how your loan agreement is structured but most likely you will have to refinance the loan to make the advance.

If you aren't familiar with your loan documentation process then talk to the loan documentation supervisor for their guidance.

First published on BankersOnline.com 5/30/11