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HMDA - Define Temporary Financing
Answer by Dan Persfull, BOL Guru
Guru Bio
Question: We need to determine if construction loans with temporary financing less than 24 months are reportable. Please define temporary financing as it relates to HMDA. Is temporary financing defined by a specific number of months?
Answer: There is no hard and fast definition. That is why temporary financing raises so many questions. The number of months do not play into the definition. You can have a one month permanent loan or you could have a 30 month temporary loan. A temporary loan is a loan that is designed to be repaid with other long term financing. Also, if you read HMDA you will find that construction only loans are specifically exempt from reporting.
First published on BankersOnline.com 2/25/08
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