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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

First published on 06/11/2012

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Filed under lending as: 

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