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#466680 - 12/06/05 05:49 PM HOEPA ~ Residential Mortgage Transaction
Tillie Offline
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Tillie
Joined: Apr 2003
Posts: 266
We originally loaned money for both the purchase of a primary residence & improvements to it. It was a line of credit but not a loan to construct a new home. The loan is now going to permanent status. Do we still have a residencial mortgage transaction that is exempt from HOEPA?

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Lending Compliance
#466681 - 12/06/05 05:55 PM Re: HOEPA ~ Residential Mortgage Transaction
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
How was the original LOC structured?
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The opinions expressed are mine and they are not to be taken as legal advice.

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#466682 - 12/06/05 08:36 PM Re: HOEPA ~ Residential Mortgage Transaction
Tillie Offline
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Tillie
Joined: Apr 2003
Posts: 266
Sorry, loan was not a LOC (my misunderstanding) but temporary financing for 6 months to be refinanced at maturity with another loan.

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#466683 - 12/06/05 08:40 PM Re: HOEPA ~ Residential Mortgage Transaction
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Then your conversion to permanent financing would still be considered a RMT.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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