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#1571609 - 06/29/11 05:58 PM Commercial Loan and HUD-1
IUalum Offline
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IUalum
Joined: Mar 2002
Posts: 942
Kentucky
If we have a commercial loan that is not subject to RESPA but the attorney is using the old HUD-1 when closing that loan, is that technically a violation? Should he be using the new HUD form even though a HUD is not required and there is no GFE to compare information to?
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Lending Compliance
#1571648 - 06/29/11 06:26 PM Re: Commercial Loan and HUD-1 IUalum
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
No violation. If the law doesn't apply, there can't be a violation of it.

If you want to use a HUD-1/1A in situations not covered by the regulation, you can. Old or new form, doesn't matter.
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David Dickinson
http://www.bankerscompliance.com

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#1571693 - 06/29/11 07:01 PM Re: Commercial Loan and HUD-1 David Dickinson
IUalum Offline
Platinum Poster
IUalum
Joined: Mar 2002
Posts: 942
Kentucky
Thanks, David.
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