TIL or RESPA for Business Purpose?

Answered by:

Question:

A borrower is getting a cash-out on an investment property he already owns and signed a business-purpose affidavit. Is this loan subject to TIL and/or RESPA?

Answer:

What is the cash being used for? Without knowing that, it is impossible to say. The collateral has no bearing on loan purpose.

First published on BankersOnline.com 6/11/12