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#1332377 - 01/27/10 09:09 PM RESPA
newbe Offline
Member
Joined: Mar 2008
Posts: 67
Borrower wants to take a HE Loan to purchase an investment property. Is it covered by RESPA?

Thanks

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Lending Compliance
#1332522 - 01/27/10 11:32 PM Re: RESPA newbe
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,763
Central City, NE
If you mean a rental house, no. This would be a business purpose loan.
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David Dickinson
http://www.bankerscompliance.com

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#1333956 - 01/29/10 05:21 PM Re: RESPA David Dickinson
newbe Offline
Member
Joined: Mar 2008
Posts: 67
customer is taking a HE Loan to buy out his restaurant partner. So this would not be HMDA reprtable either correct?

Thanks

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#1333970 - 01/29/10 05:33 PM Re: RESPA newbe
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Not HMDA reportable; would be reportable if/when renewed/refinanced if still secured by a residence.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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