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#2252161 - 04/11/21 12:26 PM Land Only
terpsfan Offline
Diamond Poster
Joined: Feb 2007
Posts: 1,894
For SAFE Act purposes is a loan to purpose a residential lot where the borrower intends to eventually build a dwelling cover given the definition below does not say the intention to construct a dwelling is limited to the funds of the loan?

Residential mortgage loan means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(v) of the Truth in Lending Act, 15 U.S.C. 1602(v)) or residential real estate upon which is constructed or intended to be constructed a dwelling, and includes refinancings, reverse mortgages, home equity lines of credit and other first and additional lien loans that meet the qualifications listed in this definition. This definition does not amend or supersede 12 CFR 613.3030(c) with respect to Farm Credit System institutions.

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S.A.F.E. Act Forum
#2252203 - 04/12/21 02:58 PM Re: Land Only terpsfan
TMatt87 Offline
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,883
Idaho
We register anyone who handles any consumer real estate loans, including residential lot loans, just to be on the safe side.
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