Answer:
The answer to your question is yes, if it is a qualified transaction. Reg Z indicates:
Sec. 226.19 Certain residential mortgage and variable-rate transactions:
(a) Residential mortgage transactions subject to RESPA--(1) Time of disclosures. In a residential mortgage transaction subject to the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.) the creditor shall make good faith estimates of the disclosures required by Sec. 226.18 before consummation, or shall deliver or place them in the mail not later than three business days after the creditor receives the consumer's written application, whichever is earlier.
Reg Z defines as "residiential mortgage transaction" as follows:
Sec. 226.2 Definitions and rules of construction. (a) Definitions. For purposes of this regulation, the following definitions apply:
(24) Residential mortgage transaction means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained in the consumer's principal dwelling to finance the acquisition or initial construction of that dwelling.
First published on BankersOnline.com 5/28/07
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