Updated over 12 years ago on . Most recent reply
HML's- are giving the 4- HUD Settlement Booklet on business purpose loans?
The book states as follows:
"The Real Estate Settlement Procedures Act (RESPA) requires lenders and mortgage brokers to give you this booklet within three days of applying for a mortgage loan. RESPA is a federal law that helps protect consumers from unfair practices by settlement service providers during the home-buying and loan process."
A business purpose loan is not covered by RESPA- right? Therefore no obligation to submit it- agree???