All Forum Posts by: Hans Restuccia

What are you seeing in the industry on HM Loans as to the requirements to get the last draw- Final CO? What else?

The book states as follows:

"The Real Estate Settlement Procedures Act (RESPA) requires lenders and mortgage brokers to give you this booklet within three days of applying for a mortgage loan. RESPA is a federal law that helps protect consumers from unfair practices by settlement service providers during the home-buying and loan process."

A business purpose loan is not covered by RESPA- right? Therefore no obligation to submit it- agree???

I would opine-YES- property tax is in the CAM- especially when the lease states, "the cost and expense of complying with all federal, state and local laws, orders, regulations and ordinances applicable to the Property which are now in force".

Property tax is a "local regulation" of the property.

However, there should be a clause in the lease that states specifically what the CAM includes- sounds like your lease is somewhat ambiguous on this point- Nevertheless, I would still opine YES

the title company will usually set forth those requirements.

Welcome to BiggerPockets!

Welcome! Glad to have you!! Let me know if I can be of assistance in any way. (I am new to BP too- smile)

Welcome! Glad to have you!! Let me know if I can be of assistance in any way. (I am new to BP too- smile)

we need the points to pay our overhead- I would think only investors who want to get their money on the street would offer loans w/ no points.

It is a brilliant way to get people to look at your website- as of the time of writing this post 245 people clicked on this!! Congrats!!

Right on- I agree w/ bill as usual! Lol