Determining the Loan Purpose: The New Challenges | Wolters Kluwer
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  • Determining the Loan Purpose: The New Challenges

    by Cathy Brown, Senior Attorney, Wolters Kluwer

    Published December 21, 2016

    One of the common threads running across the new Uniform Residential Loan Application (“URLA”), the disclosure requirements of Regulations X and Z (“TRID”), and the reporting requirements of Regulation C (“HMDA”) is the requirement that the lender identify the loan purpose. It is possible for the loan purpose to be the same for the new URLA and under TRID and HMDA. This article examines the need to recognize that the loan purpose may be different for each and what lenders can do to prepare for that eventuality.

    Read the entire article on Texas Bankers Association website.

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