In this case, the customer is only purchasing a home. They did not have a home to sell, they were renting. This is only a purchase transaction. My concern is that the loan officer considers a bridge loan to be a loan that bridges a financing gap. For instance, the customer wants a quick purchase and uses our institution for the loan, but the customer has intentions on seeking long term financing with a different institution. In this case the customer had a mortgage committment letter from another bank. The loan was coded as bridge and therefore considered exempt from RESPA.
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