HMDA Reporting & the "Short Term" Loan Dan Persfull, BOL Guru Guru Bios
Question: For HMDA reporting purposes, what is considered "short term"? If a loan is to purchase a dwelling for investment purposes, and the term is for 1 year or less, is this reportable?
Answer: Short term loans are reportable if they meet the purpose test for HMDA. Temporary loans are not reportable.
You could have a 30 day short term loan that would be reportable or a 180 day temporary loan that would not be.
First published on BankersOnline.com 12/05/05 (Updated 11-21-08)
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