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#339330 - 05/13/05 01:37 PM
Re: Exempt from RESPA?
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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After being transferred 3 times, someone will call me back. Yeah right. I think I'll try to contact Art Kahn in the FDIC Chicago regional office to see if I can get a response from them.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339331 - 05/13/05 02:58 PM
Re: Exempt from RESPA?
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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I have just been requested to fax the question to Joanne Kuccman at HUD. The fax is on its way.
I also have a call into the FDIC.
To be continued . . . .
PS: The next time I volunteer to call HUD, someone please shoot me.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339332 - 05/16/05 07:01 PM
Re: Exempt from RESPA?
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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I just received a voice mail from Art Kahn out of the FDIC Chicago Regional Office. His conclusion, after consulting with others in the Regional Office, is that RESPA would apply in example number 2 where there are 2 distinct parcels.
If and when I hear from HUD, I'll pass on their response.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339334 - 05/16/05 09:06 PM
Re: Exempt from RESPA?
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10K Club
Joined: Nov 2000
Posts: 18,765
Central City, NE
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Quote:
I just received a voice mail from Art Kahn out of the FDIC Chicago Regional Office. His conclusion, after consulting with others in the Regional Office, is that RESPA would apply in example number 2 where there are 2 distinct parcels.
If and when I hear from HUD, I'll pass on their response.
It ain't looking good for the home team. Thanks for passing that on Dan. Let us know when you hear from HUD. Also, do they have any official guidance that HUD has published to back this us (other than the Q&A that you already referenced).
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#339335 - 05/16/05 09:17 PM
Re: Exempt from RESPA?
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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None that I know of, and believe me I've been searching since this discussion started.
I also have placed a call to the Office of General Counsel in the RESPA Division. Hopefully I'll hear something from them in a couple of days.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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#339336 - 05/19/05 05:23 PM
Re: Exempt from RESPA?
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Anonymous
Unregistered
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If your loan is secured by two tracts: a 2 acre tract and a 26 acre tract and the home is on the 2 acres, is the loan exempt?
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#339337 - 05/19/05 05:26 PM
Re: Exempt from RESPA?
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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Not in my, or the FDIC's, opinion.
I still haven't heard from HUD (I have on my calendar to F/U with another fax tomorrow) or from the Office of General Counsel in the RESPA Division.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339339 - 05/20/05 03:56 PM
ARGGGGGGGGGGGGGGGGGGGG!!!!!!!
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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Mr. Persfull, I apologize for the delay in responding to your inquiry, but have been out of the office on business until yesterday. The Atlanta HOC is not responsible for administering RESPA guidelines. There is a RESPA Division in our Washington Office. The web address for the RESPA site is: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfmAt the bottom of the RESPA page, select Comments and Questions and you can send you inquiry directly to the RESPA Division via e-mail. I apologize that I'm unable to respond directly to your inquiry, but going to the source for an appropriate response is more appropriate. If I can be of other assistance, please let me know. Joanne B. Kuczma Chief, Insurance and Underwriting Branch 2 I've sent a new email.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339341 - 05/20/05 04:28 PM
Re: ARGGGGGGGGGGGGGGGGGGGG!!!!!!!
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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No you're not reading it wrong. If your property consists of 2 parcels, then you own "2 pieces" of property totaling 30 acres. You do not own a 30 acre "piece" of property.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339342 - 05/20/05 06:16 PM
Re: ARGGGGGGGGGGGGGGGGGGGG!!!!!!!
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Anonymous
Unregistered
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What if the house straddles the two lots. Exempt?
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#339343 - 05/20/05 07:40 PM
Re: ARGGGGGGGGGGGGGGGGGGGG!!!!!!!
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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No. The house is still located on 2 pieces of property. (I was wondering how long it would take for this question to be asked. )
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339346 - 05/25/05 06:34 PM
OGC Telephone Response
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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Mr. Shapiro from the OGC just telephoned me. Their conclusion is also that it applies to a single parcel of land, and not multiple parcels. He also referenced that if I wanted a second opinion (this was before I told him about the FDIC opinion) to contact the people that I sent the last email to. I informed him I already have, and we'll wait to see if and when I get a reply from them. But for now the FDIC and OGC agree that it applies to a single property and not multiple properties.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339349 - 06/21/05 09:36 PM
Re: OGC Telephone Response
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10K Club
Joined: Nov 2000
Posts: 18,765
Central City, NE
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Better check this out. The poster emailed me and said she spoke with Jim Sorrentino at HUD about the 25 acre rule. I asked her to post it to BOL. Jim emailed her (harleesmom) so we have it in writing.
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#339350 - 08/12/05 04:30 PM
Re: OGC Telephone Response
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10K Club
Joined: Aug 2002
Posts: 47,612
Bloomington, IN
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I guess HUD does exist, I finally got an answer and they are the opposite of my opinion. No one signed the email - but the email address in the from section was: jennifer_a._wharton@hud.govThe blue text is their reply.RESPA, HUD's Regulation X 3500.5(b) Exemptions. (1) A loan on property of 25 acres or more. Does this exemption apply to a single parcel or to multiple parcels? Does the parcel single or multiple have property on it? (DUH, what do parcels usually have on them?) RESPA does not specifically address "parcels of land", but applies to the property that secures the loan. Examples: 1. A purchase, or refinance of a 27 acre parcel containing a 1-4 residential dwelling. This transaction would be exempt based on 3500.5(b)(1). Yes, more than 25 acres. RESPA applies to mortgage loans. If the loan is secured by a lien on property and the property securing that loan is 25 acres or more, it is exempt. 2. A purchase, or refinance of a 15 acre parcel containing a 1-4 residential dwelling and an additional 15 acre parcel of land only (total acreage equals 30). The loan's purpose is not for an agricultural purpose or qualifies for any other exemption. Would this transaction be exempt from RESPA requirements based on 3500.5(b)(1)? Yes. If the loan is secured by a lien on property and the property securing that loan is 25 acres or more, it is exempt.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#339352 - 08/12/05 06:23 PM
OGC Telephone Response
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Platinum Poster
Joined: Mar 2002
Posts: 721
California
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Thanks for the update, Dan and putting closure to this.
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