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LO – covered transactions/scope

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  • #3885
    kbass
    Participant

    My question is regarding the scope of the new Loan Originator Rules. If we make a bridge loan to a customer to purchase a home (1 year term while the customer is selling the previous residence) and it is secured by the home that is being purchased, would this be convered under the new Loan Originator Rules? It is a closed end, consumer transaction secured by a dwelling, so I would assume it is? In this case, the lender may assist the customer or communicate credit terms of the loan, so they would need to be registered?

    #3906
    rcooper
    Keymaster

    Based on the information, I agree with both of your interpretations.

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