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#1818789 - 05/30/13 06:30 PM HOEPA Loan
notuntermywatch Offline
Gold Star
Joined: Jun 2006
Posts: 392
MN
Are there any exceptions for a HOEPA loan if it is a construction loan? For example, if the proceeds from our loan are being used to construct what will be the consumers primary dwelling, is there any exemptions.

Thanks

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Lending Compliance
#1818800 - 05/30/13 06:40 PM Re: HOEPA Loan notuntermywatch
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,953
Bloomington, IN
Residential Mortgage Transactions are currently exempt under 1026.32(a)(2). You can review the definition of a RMT at 1026.2(a)(24) and its Commentary to see if your transaction meets the definition.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1818801 - 05/30/13 06:40 PM Re: HOEPA Loan notuntermywatch
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
Read 1026.32(2)
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The more you sweat in training, the less you bleed in battle.......

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#1818802 - 05/30/13 06:41 PM Re: HOEPA Loan notuntermywatch
swiggles Offline
Power Poster
swiggles
Joined: Aug 2001
Posts: 7,333
Fast on the draw, you are, Mr. Dan.

Besides, I left out the (a) reference. Thanks.
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The more you sweat in training, the less you bleed in battle.......

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