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#1638215 - 12/12/11 11:27 PM Reg Z - Vesting
mzachau, CRCM Offline
Gold Star
mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
I just need validation on this for some reason - one of those days.

We are doing a purchase of a SFR where the borrower is a natural person. The vesting will be in the name of the LLC. For Reg. Z disclosure purposes, vesting does not matter. Borrower is a natural person and for a consumer purpose, hence Reg. Z applies, correct?

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Lending Compliance
#1638728 - 12/14/11 02:04 PM Re: Reg Z - Vesting mzachau, CRCM
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
Correct. The purpose, not the collateral, determines if the loan is a consumer or business purpose loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1639177 - 12/14/11 10:22 PM Re: Reg Z - Vesting Dan Persfull
mzachau, CRCM Offline
Gold Star
mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
Thank you Dan

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