Interesting scenario...
A loan to a church (entity) to purchase an SFR for the pastor to live in as their primary residence.
Clearly exempt from Reg Z, but I am thinking about RESPA. - Exemption under RESPA would rely on the Reg Z business purpose test.
The loan is to an entity to provide a benefit to their employee (business purpose) - however, there is a piece of my brain playing devil's advocate since it is for the purpose of purchasing a primary residence.
Trying to figure out how to shore up my argument to demonstrate it is clearly business purpose. Any guidance would be greatly appreciated. Thank you!
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.