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Do the requirements for a Loan Estimate and Closing Disclosure (1026.37 and 1026.38) apply on a consumer purpose loan, in an individual’s name, if the loan will be secured by commercial real estate?
If it is closed-end consumer credit (primarily for personal, family, or household purposes) secured by real property (including commercial property) it would be covered by TRID.
We have our first loan with this situation. Does the 7 day timing period between the LE and the loan closing apply since this wouldn’t be covered by RESPA?
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