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#1961393 - 09/11/14 08:18 PM Consumer Plus LLC as Borrowers
Anonymous
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We have a loan request to purchase a 1-4 family dwelling, rehab it, and then sell it. The applicants are an individual plus a LLC. Would this fall under new appraisal flip requirements under Reg Z? Also, should we take a 1003 application since one of the borrowers is a consumer?

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#1961396 - 09/11/14 08:19 PM Re: Consumer Plus LLC as Borrowers Anonymous
Anonymous
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Anon2 sez: How is this individual businessperson a consumer?

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#1961417 - 09/11/14 08:43 PM Re: Consumer Plus LLC as Borrowers Anonymous
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,576
Galveston, TX
Well, they might be an individual, but whether this is a consumer purpose loan or not would be the question.
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#1961453 - 09/11/14 11:40 PM Re: Consumer Plus LLC as Borrowers Anonymous
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Individual does not = consumer if purpose is not consumer.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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