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#2277926 - 11/15/22 04:50 PM Rate Spread Question
Luv2run Offline
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Joined: Jan 2015
Posts: 608
I have a loan secured by a primary residence where equity is being pulled to purchase a rental dwelling. Since the purpose is a purchase of an investment dwelling, I am reporting this as Primarily for Business purposes, therefore, rate spread should be NA correct?
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#2277933 - 11/15/22 06:42 PM Re: Rate Spread Question Luv2run
raitchjay Offline
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Joined: Oct 2009
Posts: 9,086
OK
Correct, but i just want to add the caveat (since you initially call it a rental, and then later call it "investment") that Reg. Z's automatic exemption for non-owner occupied rent home purchases does not apply to other "investment" homes.
Last edited by raitchjay; 11/15/22 06:44 PM.
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#2277935 - 11/15/22 07:48 PM Re: Rate Spread Question Luv2run
Luv2run Offline
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Joined: Jan 2015
Posts: 608
Thanks for the feedback! This is truly a rental dwelling, reported as investment for occupancy for HMDA.
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