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Commercial Business Loans & the HUD-1 Form

Answered by: 
Kathleen Blanchard | CRCM

Question: 
A question was recently posed on whether the revised HUD-1 had to be used on commercial business loans made to a corporation, partnership, etc. (non-consumer/exempt from RESPA). I was unable to find an answer to this question. Can the simple/previous HUD-1 be used for these types of loans?
Answer: 

You are not required to use a HUD-1 for a business loan. You can use the old HUD-1 for business loans, but it would be better to create your own form to avoid any confusion with staff regarding whether a loan is business or consumer purpose, and what is needed. Some loan systems have a statement of charges form for business loans.

First published on BankersOnline.com 5/03/10

First published on 05/03/2010

Filed under: 
Compliance
Filed under compliance as: 
IT
Loans
Partnership

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