business purpose

/Tag: business purpose

Cost-Benefit Analysis of HMDA

By |2019-08-28T16:39:14+00:00August 28th, 2019|Legislation, Private Lender|0 Comments

A practical look at new HMDA reporting requirements and what they mean for private lenders If you are a lender engaged in consumer mortgages, then you are certainly familiar with the Home Mortgage Disclosure Act, or HMDA. On the other hand, if you are a private lender engaged in business-purpose loans, then hopefully you have [...]

By |2019-08-28T16:39:14+00:00August 28th, 2019|Legislation, Private Lender|0 Comments

What Your Attorney Didn’t Tell You

By |2019-05-14T14:51:17+00:00May 14th, 2019|Legal, Private Lender|0 Comments

Beware of consumer laws that apply to business purpose loans. Private lenders are often surprised to hear that some consumer laws apply to business purpose loans. Worse yet, some private lenders have been told by their counsel that federal consumer laws do not apply, even though their attorneys claim to be experts in private lending. [...]

By |2019-05-14T14:51:17+00:00May 14th, 2019|Legal, Private Lender|0 Comments

Florida Business-Purpose Checklist

By |2019-05-10T15:40:36+00:00May 10th, 2019|Legislation, Private Lender|0 Comments

How to determine what qualifies as a business purpose mortgage loan Florida House Bill 935 goes into effect July 1, 2019. It adds stiff penalties for misrepresenting a consumer mortgage loan as a business purpose mortgage loan. The former requires a mortgage lender license to transact. Violations are punishable at minimum as third-degree felonies. We’ve [...]

By |2019-05-10T15:40:36+00:00May 10th, 2019|Legislation, Private Lender|0 Comments

AAPL Opposes Florida Senate Bill 1730

By |2019-04-03T18:30:18+00:00April 3rd, 2019|Legislation, News Story|0 Comments

Florida legislators have introduced the same mortgage licensing language from Senate Bill 1632 into an affordable housing bill, SB 1730. Senator Taddeo, SB 1632’s bill sponsor, requested a temporary postponement of SB 1632 due the presence of the same language in SB 1730. Senator Taddeo made the postponement request during the Senate Committee on Banking [...]

By |2019-04-03T18:30:18+00:00April 3rd, 2019|Legislation, News Story|0 Comments

Legislative Alert: Florida Senate Bill 1632 Scheduled for Review

By |2019-03-29T15:08:59+00:00March 29th, 2019|Legislation, News Story|0 Comments

The Florida Senate Banking and Insurance Committee is now scheduled to review SB 1632. You can attend the 4 p.m. EST Committee Meeting on 4/1/2019 to show your opposition in person. More details on how to do this below. Review Date: Monday, April 1 Time: 4-6 p.m. Location: Pat Thomas Committee Room, 412 Knott Building [...]

By |2019-03-29T15:08:59+00:00March 29th, 2019|Legislation, News Story|0 Comments

AAPL Opposes Florida’s Re-Attempt to Regulate Private Lending

By |2019-03-29T13:35:55+00:00March 18th, 2019|Legislation, News Story|0 Comments

Current bill aims to remove the long-standing business purpose exception from mortgage lender licensing In 2008, the United States Congress passed the Safe and Fair Enforcement for Mortgage Licensing Act (SAFE Act), which required all state regulators to regulate mortgage loan originators who originated consumer loans secured by 1-4-unit residential properties (“Dwellings”). The states were [...]

By |2019-03-29T13:35:55+00:00March 18th, 2019|Legislation, News Story|0 Comments

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