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#1905531 - 03/14/14 04:32 PM Loan register or not?
okcowgirl Offline
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Joined: Aug 2010
Posts: 102
Oklahoma
Does the following loan have to have a SAFE act registered lender or can it be made on the commercial side?

Customer is purchasing a 2nd residence with 500 acres that he will run cattle on.

Could be business loan but then he is also purchasing a secondary residence so don't know where this falls.

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#1979176 - 11/25/14 09:58 PM Re: Loan register or not? okcowgirl
okcowgirl Offline
100 Club
Joined: Aug 2010
Posts: 102
Oklahoma
Would like to resubmit previous question.

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#1979212 - 11/25/14 10:18 PM Re: Loan register or not? okcowgirl
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
You have to make the call on the purpose of the loan:

Residential mortgage loan means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(v) of the Truth in Lending Act, 15 U.S.C. 1602(v)) or residential real estate upon which is constructed or intended to be constructed a dwelling, and includes refinancings, reverse mortgages, home equity lines of credit and other first and additional lien loans that meet the qualifications listed in this definition.
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