Covered?

Posted By: Ninky

Covered? - 03/01/16 03:48 PM

Borrower is purchasing 1-4 for primary residence, secured through a cash-out of commercial building. Not covered by RESPA, right? But TRID applies to closed-end consumer credit secured by real property. So, no RESPA but yes TRID? Disclosed as a Home Equity on the LE?
Posted By: rlcarey

Re: Covered? - 03/01/16 04:10 PM

Sounds correct.
Posted By: Darth HMDA, CRCM, CAMS

Re: Covered? - 03/01/16 05:03 PM

yikes... not a fan of Commercial lenders making loans to obtain consumer dwellings... gets messy..