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#1994073 - 02/06/15 02:54 PM Purchase M/H w/o Land by consumer for business pur
Libby M. Offline
Platinum Poster
Joined: Sep 2007
Posts: 604
Mississippi, USA
We have a loan request from an individual who is a consultant for an insurance company and she wants to avoid paying for lodging when traveling. She wants to purchase a mobile home for lodging and wants to locate it centrally in her territory. She is self employed (receives a 1099 from insurance company)but hasn't formed a business around her consulting work.

Is this loan subject to RESPA?
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Lela Purvis, CRCM/CCBCO/CBAP


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Lending Compliance
#1994077 - 02/06/15 02:56 PM Re: Purchase M/H w/o Land by consumer for business pur Libby M.
ComplianceNerd Offline
Gold Star
Joined: Nov 2011
Posts: 378
Texas ...
I think I would consider this a secondary residence based on the information provided and therefore YES, I would consider this loan subject to RESPA.
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Can't is not an option.

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#1994078 - 02/06/15 02:58 PM Re: Purchase M/H w/o Land by consumer for business pur Libby M.
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
No. 1024.5(b).
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1994080 - 02/06/15 03:01 PM Re: Purchase M/H w/o Land by consumer for business ComplianceNerd
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
I considered it business purpose; and besides since no dirt is involved it would not be subject to RESPA regardless of the loan's purpose.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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