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Lending Compliance
RESPA - Exempt?
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#320261
-
02/23/05
06:46 PM
RESPA - Exempt?
MackenzieS
Diamond Poster
Joined:
Jul 2002
Posts: 1,722
Oklahoma
We are making a loan for the purpose of purchasing 40 acres of land (Exempt from RESPA)
We are making a temporary loan with permenant takeout by another FI, (Exempt from RESPA)
We are taking a 2nd mortage on the residence as an abundance of caution (RESPA applies)
Which cancels which out? Do the exemptions cancel out taking the abundance of caution?
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Lending Compliance
#320262
-
02/23/05
06:52 PM
Re: RESPA - Exempt?
rlcarey
10K Club
Joined:
Jul 2001
Posts: 83,219
Galveston, TX
There no exemptions for abundance of caution, but if you are talking about the same piece of collateral - then yes.
_________________________
The opinions expressed here should not be construed to be those of my employer:
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#320263
-
02/23/05
06:53 PM
Re: RESPA - Exempt?
Dan Persfull
10K Club
Joined:
Aug 2002
Posts: 47,517
Bloomington, IN
I am assuming you're taking the 2nd as part of the temporary loan. If that assumption is correct, the loan is exempt from RESPA.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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#320264
-
02/23/05
06:56 PM
Re: RESPA - Exempt?
MackenzieS
Diamond Poster
Joined:
Jul 2002
Posts: 1,722
Oklahoma
Yeah, the loan for the purchase of the acreage is truly temporary. Of course the lender wants a 2nd on the home too. I know the temporary part of this made it exempt but I just wanted the warm and fuzzy from the experts. Thanks!
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