We have a loan request to purchase a condo. Purchaser is a business entity (a Corporation). The condo will be occupied by one of the business owners. Would this loan be subject to RESPA early and final disclosures?
Bellisima24, RESPA would apply since it is for consumer purpose. RESPA exemption for business purpose looks to Reg Z’s 1026.3(a)(1) which only looks at the purpose not to whom the loan is made to like 1026.3(a)(2).