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#286823 - 12/09/04 04:48 PM TIL exemptions
Johncrcm Offline
100 Club
Joined: Dec 2002
Posts: 195
Eastern KY
An newly divorced female has refinanced the entire pre existing loan balance for her doublewide with lot. I understand in the loan file documentation that the lending officer is explaining that the refinance/workout is an exemption from Truth in Lending, rescission, TIL, RESPA, etc.
Is this a "new revealation" or a dream by the lending officer. I have reveiwed TIL and Commentary. No such exception from TIL discovered.

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Lending Compliance
#286824 - 12/09/04 06:00 PM Re: TIL exemptions
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Your loan officer is in la la land.

Definitely subject to Reg. Z, including ROR, RESPA, Flood, HMDA, depending on application date, the new Fact Act provisions, Reg. B, ..... you get the picture.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#286825 - 12/09/04 06:15 PM Re: TIL exemptions
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
- send this LO to Cleabatsu's to peel wallpaper!!!

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