Answer:
It's a short term loan, not a temporary loan. It is subject to RESPA and it is also HMDA reportable.
First published on BankersOnline.com 5/2/11
120 Day Single Pay Loan Under RESPA?
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Question:
A 120 day single pay loan has the purpose of home improvement and to sell. Would the loan be subject to RESPA or is it exempt because it falls under temporary financing?
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