Is a loan to fix up and sell HMDA-reportable?

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Is a loan to fix up and sell HMDA-reportable?
Answer by David Dickinson, BOL Guru
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Question: When an individual purchases rental property, such as a duplex, to fix up and sell, is this a HMDA reportable loan?

Answer: I don't believe that this is HMDA reported as it sounds like temporary financing, as you say that the borrowers plan to resell the duplex.

Review this link to learn more about temporary financing and HMDA. I have this thread bookmarked as one of my favorites as I have to go back to it often.

First published on BankersOnline.com 3/24/03

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