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#1579487 - 07/18/11 07:51 PM Consumer's Principal Dwelling-- The Applicant?
Game On Offline
Platinum Poster
Joined: Jul 2001
Posts: 566
Marietta, GA
Section 226.32 and Section 226.35 of Regulation Z apply to loans secured by THE consumer's principal dwelling.

Does this only refer to the consumer applying for the loan?

What if a parent has a dwelling that he allows his daughter to live in. It is not the applicant's (Parents) principal dwelling but it is the daughter's principal dwelling.

Bottom line question: Do HOEPA and HPML requirements only apply to the applicant's principal dwelling?

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Lending Compliance
#1579491 - 07/18/11 07:57 PM Re: Consumer's Principal Dwelling-- The Applicant? Game On
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 9,105
OK
A "consumer" as defined by Reg. Z is a person to whom credit is offered or extended. A non-borrower is not a "consumer" except in cases of rescission.
_________________________
I'm fixin' to fix that.

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#1579502 - 07/18/11 08:05 PM Re: Consumer's Principal Dwelling-- The Applicant? raitchjay
Game On Offline
Platinum Poster
Joined: Jul 2001
Posts: 566
Marietta, GA
Good Point!
thanks you.

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