I'm stumped on this one. I searched for a thread which would provide an answer, but came up empty handed.
One of our lenders is loaning money to a trust for the purchase of a residence. The beneficiary of the trust (who is also the trustee) will be residing there.
Do RESPA and TIL apply? TIL 226.3 exempts credit other than to a natural person and "Consumer" is defined in the regulation as a natural person to whom credit is extended. RESPA exempts "business purpose loans" and further states that a bank may rely on Reg Z's definition of business purpose.....3500.5(b)(2).
Help me pleez......