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#1451246 - 10/04/10 04:38 PM R/E Secured with Education
mbernard Offline
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Joined: Jul 2008
Posts: 109
With the private education rules, is there an exemption for education loans secured by real estate? I thought there was, but I can't find it anywhere. Basically, do we need to do all the new disclosures for an education loan if the loan purpose is education but the loan is secured by real estate?

Thanks in advance for the clarification!

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#1451247 - 10/04/10 04:41 PM Re: R/E Secured with Education mbernard
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,762
Bloomington, IN
Quote:
I can't find it anywhere


226.46(5)
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1451255 - 10/04/10 04:53 PM Re: R/E Secured with Education Dan Persfull
mbernard Offline
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Joined: Jul 2008
Posts: 109
Perfect. Thanks!

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#1451259 - 10/04/10 05:02 PM Re: R/E Secured with Education mbernard
goingtoexperts Offline
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Joined: Jul 2006
Posts: 149
The Federal Register published on August 14, 2009 stated the definition for private education loans excludes open-end credit, real estate secured loans and Federal loans under Title IV of the HEA. The BOL webinar on this topic also stated the definition does not include "open-end credit or any loan that is secured by real property of a dwelling". Has that changed?

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