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#1990038 - 01/21/15 05:17 PM Rental Property
Patricia Offline
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Joined: Mar 2011
Posts: 335
Kansas
The bank made a real estate loan to purchase a single family dwelling which will be used as a rental property. The loan was built as a consumer loan so RESPA and Reg Z documents were produced. The HUD-1 comparison page shows a 12% tolerance. Does the bank need to reimburse or can the file be documented that the loan was not for personal use and so RESPA and Reg Z do not apply?

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Lending Compliance
#1990060 - 01/21/15 05:40 PM Re: Rental Property Patricia
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Throw page 3 away.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1990076 - 01/21/15 06:02 PM Re: Rental Property Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 335
Kansas
Thanks Dan.

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#1990165 - 01/21/15 08:38 PM Re: Rental Property Dan Persfull
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Originally Posted By: Dan Persfull
Throw page 3 away.
shocked
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The more you sweat in training, the less you bleed in battle.......

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#1990191 - 01/21/15 09:32 PM Re: Rental Property Patricia
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Well, they didn't need the entire form in the first place. So throwing page 3 away is fine.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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