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#1003226 - 07/23/08 10:02 PM Selling Loans
taknleavofmysenses Offline
100 Club
Joined: Nov 2005
Posts: 183
The Bank has a loan to an individual which was deemed business purpose way back when (though I do not particularly agree) and it is secured by the individual's home. The Bank would like to sell the loan. Seeing that this loan is classified as a business-purpose loan, RESPA does not apply and a servicing disclosure is not required. Anyone know of any State of Illinois rules that would require a notice to the borrower in this situation?


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#1025933 - 08/22/08 01:32 PM Re: Selling Loans taknleavofmysenses
Dave M_TCA Offline
Platinum Poster
Dave M_TCA
Joined: Oct 2000
Posts: 682
Wherever my most benevolent em...
I hope you have your answer already, but nothing comes to mind.
David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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