9 dez
por Sementesdaboanova
Overall, extension off borrowing from the bank around 1003
Extension off credit

step 1. Dwelling-secured. Part 1003.2(d) describes a closed-stop real estate loan because the an expansion from borrowing from the bank that's secured of the a lien for the a dwelling and that's not an open-end line of credit significantly less than 1003.2(o). Therefore, eg, a loan buying a dwelling and you can covered simply by good private make certain is not a sealed-prevent home loan because it is maybe not house-protected.
dos. Significantly less than 1003.2(d), a dwelling-shielded loan is not a close-avoid mortgage loan unless of course it requires an extension off borrowing from the bank. For example, certain transactions done pursuant so you're able to payment sales agreements, such specific property agreements, with regards to the points and you will circumstances, might not encompass extensions out of borrowing leaving the fresh new deals closed-end mortgage loans. 2(d) refers to the granting from credit simply pursuant to some other financial obligation obligations. Hence, but given that discussed within the comments dos(d)-dos.we and .ii, when the a purchase modifies, renews, runs, or amends the brand new terms of a current debt obligation, although present personal debt obligations isnt found and you can replaced, your order is not a shut-end home loan below 1003.2(d) because there might have been zero this new extension regarding credit. The expression expansion off credit therefore is scheduled differently less than Control C than lower than Regulation B, 12 CFR part 1002.
we. Presumptions. Getting purposes of Regulation C, an expectation is actually a purchase in which a place switches into an authored agreement accepting yet another debtor in place of an present borrower as the obligor to your a preexisting debt responsibility.