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#1363234 - 03/24/10 06:49 PM What reg says......?
mdog76 Offline
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Joined: Jan 2007
Posts: 645
Which reg states that a loan's purpose can not say "personal" or "business expense" when the loan amount is over $10,000 and secured by land?

Thanks for the help.

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Lending Compliance
#1363241 - 03/24/10 06:52 PM Re: What reg says......? mdog76
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
The Bank Secrecy Act......I think. But we never allow that as a statement of purpose....regardless of the loan amount.
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The more you sweat in training, the less you bleed in battle.......

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#1363244 - 03/24/10 06:55 PM Re: What reg says......? swiggles
mdog76 Offline
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Joined: Jan 2007
Posts: 645
We're trying to find the exact Reg. or statement so that we can "remind" our loan officers again that this is not allowed.

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#1363253 - 03/24/10 07:01 PM Re: What reg says......? mdog76
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Sorry....I don't know the chapter verse....can someone else help here?
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The more you sweat in training, the less you bleed in battle.......

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#1363262 - 03/24/10 07:10 PM Re: What reg says......? swiggles
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
BSA 103.33(a)
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Opinions are my own and not of my employer.

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