Answer:
No. Paying off a loan that secures the lot the consumer purchased to construct their new primary residence on with your const/perm loan would not trigger the ROR.
First published on BankersOnline.com 8/29/11
Paying off Lot for Construction-Perm Loan: ROR?
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Question:
Is a ROR required on a construction-perm loan if we are paying off the lot that is owned by the borrower?
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