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#184002 - 04/27/04 12:29 AM HMDA HELP ASAP!
Suzie Offline
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Suzie
Joined: Apr 2002
Posts: 662
Far North
HMDA, the questions never end & I can't think today.

15 year term, secured by a SFR (owned free & clear) for the purpose of constructing another SFR.

I want to say that this is a HMDA purchase. Property location reported is the exisitng SFR (not the one to be constructed). Because of the term, is this not a construction/perm loan?

Am I right on this one??? Thanks -
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Lending Compliance
#184003 - 04/27/04 01:50 AM Re: HMDA HELP ASAP!
Andy_Z Online
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Andy_Z
Joined: Oct 2000
Posts: 27,754
On the Net
I'm not a HMDA expert, but I would agree that while construction is normally not reportable, this is the permanent financing of the home, purchase. And you would list the collateral you take, as in the existing home.
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