Exempt Mortgage

Exempt Mortgage

There are two classifications of Exempt Mortgages, as follows: TILA Exempt Mortgage: A TILA Exempt Mortgage is a Mortgage exempt from the Truth in Lending Act and, as such, is exempt from the ATR requirements in Regulation Z. TILA Exempt Mortgages include business purpose loans as defined in 12 C.F.R. § 1026.3. ATR Exempt Mortgage: An ATR Exempt Mortgage is a Mortgage that is exempt from the ATR requirements in Regulation Z as set forth in 12 C.F.R. § 1026.43(a)(3).