Skip to content

Paying Commercial Taxes on HELOC

Answered by: 

Question: 
In a first lien home equity loan against a dairy and primary residence where the funds are to pay commercial taxes, not for a consumer purpose, would the escrow requirements under the HPML come into play?
Answer: 

Review 226.3 and its Commentary. Business purpose loans are exempt from Reg. Z.

First published on BankersOnline.com 2/7/11

First published on 02/07/2011

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics