I'm having a brain freeze, and could use a little help. We have a customer who is taking out a HELOC on their primary dwelling with the initial purpose of purchasing a 2nd home. Is the initial advance (for the purchase of the home) exempt from rescission. I think as I type this question out, I'm going to say it is not, only residential mortgage transactions are exempt, and this would not be an RMT as it is not to purchase a primary dwelling.
Thoughts?
Thanks in advance for the confirmation!
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CRCM