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#2015713 - 05/22/15 03:44 PM 2nd On Primary Residence Question
Slowpanic Offline
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Slowpanic
Joined: Mar 2010
Posts: 119
USA
A customer is purchasing a boat with 100% financing, the loan committee agreed to this as long as the bank took out a 2nd lien on the customers home. What loan disclosures do we need to make sure we have? We have not created a loan like this before and we want to make sure we get it right. Thanks in advance.

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Lending Compliance
#2015719 - 05/22/15 03:52 PM Re: 2nd On Primary Residence Question Slowpanic
raitchjay Offline
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Joined: Oct 2009
Posts: 9,105
OK
Sounds like you'll need RESPA disclosures, a flood cert pulled, a Reg. Z appraisal notice if it's an HPML....off the top of my head.
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#2015720 - 05/22/15 03:52 PM Re: 2nd On Primary Residence Question Slowpanic
raitchjay Offline
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Joined: Oct 2009
Posts: 9,105
OK
Oh...and ATR would need to be complied with.
_________________________
I'm fixin' to fix that.

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#2015723 - 05/22/15 03:55 PM Re: 2nd On Primary Residence Question Slowpanic
Slowpanic Offline
100 Club
Slowpanic
Joined: Mar 2010
Posts: 119
USA
Thank you, That is the direction I was thinking. I appreciate the response.

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