Section I of the Uniform Residential Loan Application, “TYPE OF MORTGAGE AND TERMS OF LOAN,” requires the number of months of the loan term to be disclosed. After a review, it was determined that Construction-to-Permanent transactions should include both the construction phase and the permanent phase in the loan term. Consequently, for Construction-to-Permanent transactions, the field used for “No. of Months” on the URLA (Cx4193) has been changed to include the both the construction phase and the permanent phase.
This change will be effective on December 5, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.