Effective August 23rd, 2023 the construction rate for OTC loans will be increased to 6.99%

All OTC loans being disclosed on or after that date will need to reflect this change. Any loans that have been disclosed with the previous rate will be honored as long as they have closed within 30 days of the original Loan Estimate date. If the loans do not close within that 30 window a COC and new Loan Estimate or Closing Disclosure must be sent with the new construction rate of 6.99%, and if the qualifying rate has changed that will need to be updated as well.

In addition, any loans that have reached their maturity date of the construction loan and need to be extended will be subject to the updated construction rate and current qualifying rates.

Please contact the Construction Helpdesk at [email protected] if you have any questions.