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#1937360 - 07/02/14 04:15 PM Does RESPA apply to loan in name of a business?
TNB Offline
Member
Joined: Mar 2008
Posts: 77
Texas
The LO wants to do a loan in the name of the business (an LTD) secured with a 2nd lien on an investment 1-4 family dwelling owned by the business yet the purpose is personal, to pay for the daughters weddings. I want to confirm RESPA applies but not Reg Z. If so, we are already out of compliance because no GFE was done within 3 days of application. (And no, I do not know why they want to structure the loan in the name of the business.)
Your insight is appreciated.

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RESPA
#1937367 - 07/02/14 04:28 PM Re: Does RESPA apply to loan in name of a business? TNB
manimal Offline
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#1937379 - 07/02/14 04:39 PM Re: Does RESPA apply to loan in name of a business? TNB
TNB Offline
Member
Joined: Mar 2008
Posts: 77
Texas
Thanks. I thought as much.

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