Posted By: mnbanker09
Car Condo Loan - 08/04/20 02:38 PM
Looking for guidance on disclosures, please.
Consumer requests financing to purchase a car condo. Loan secured by a 2nd lien on an apartment building owned by his commercial entity. Purpose is consumer, so assuming TRID applies.
This car condo loan request is a first for us, but given this customer has a number of consumer and commercial loans with us the lender wants to finance this as well.
Where do we go from here regarding product type and disclosures? Follow consumer RE? But isn't it commercial property?
Thanks in advance for your guidance. Lending compliance is not my wheelhouse.
Consumer requests financing to purchase a car condo. Loan secured by a 2nd lien on an apartment building owned by his commercial entity. Purpose is consumer, so assuming TRID applies.
This car condo loan request is a first for us, but given this customer has a number of consumer and commercial loans with us the lender wants to finance this as well.
Where do we go from here regarding product type and disclosures? Follow consumer RE? But isn't it commercial property?
Thanks in advance for your guidance. Lending compliance is not my wheelhouse.