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#1905460 - 03/14/14 03:34 PM Business Purpose Secured by Primary Residence
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
Borrower wants to create a LOC for business ventures and secure it by his primary residence. Borrower is a real estate broker, so we know the LOC will be used for business purposes. What regulations apply?

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Lending Compliance
#1905463 - 03/14/14 03:37 PM Re: Business Purpose Secured by Primary Residence complygirl
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,105
OK
Flood, Interagency Appraisal Guidelines, BSA/CIP and Reg. B come to mind.
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#1905515 - 03/14/14 04:12 PM Re: Business Purpose Secured by Primary Residence raitchjay
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
Thanks. And with regard to the new RE requirements is there anything that would be required?

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#1905517 - 03/14/14 04:13 PM Re: Business Purpose Secured by Primary Residence complygirl
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,370
Galveston, TX
If you are referring to RESPA and Reg. Z, a business purpose loan is exempt.
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