Thread Starter: John Burnett
Title: Re: Consumer purpose
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Although it's unusual, a loan to an entity can be for a consumer purpose. For example, there's a popular trend toward holding personal residences in an LLC rather than directly or in a trust. There are pros and cons of that strategy, although it is being pushed by some attorneys. And it can result in a mortgage transaction that is not subject to Regulation Z (because it's a loan to an entity) but is subject to RESPA (because it's for personal, family or household purposes).
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