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Is property that is zoned as commercial but has been rehabbed into a residence that is owner-occupied a business loan or a consumer loan? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Is property that is zoned as commercial but has been rehabbed into a residence that is owner-occupied a business loan or a consumer loan?

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This loan should be classified as a consumer loan. We are not aware of any mortgage-related laws that refer to a property’s zoning classification when distinguishing between consumer and business purpose loans. The Truth in Lending Act, Real Estate Settlement Procedures Act, and several Illinois laws have subtle distinctions in their loan definitions — but none of those laws takes into account a property’s zoning classification.