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#414989 - 08/26/05 08:56 PM Temporary loans
Glo Offline
Gold Star
Joined: Jul 2005
Posts: 394
Arkansas
Are all loans that are less than a year considered to be not reportable whether it be HMDA or CRA?

Thanks in advance!

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#414990 - 08/26/05 09:05 PM Re: Temporary loans
CRAatBOK Offline

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Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
No. CRA doesn't address temporary, if it is reportable it is reportable.
For HMDA the length of time is not the issue but the purpose of the loan. There are a number of threads dealing with temporary financing for HMDA.
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#414991 - 08/26/05 09:08 PM Re: Temporary loans
Glo Offline
Gold Star
Joined: Jul 2005
Posts: 394
Arkansas
This is to purchase investment property for resale and has no collateral.

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#414992 - 08/26/05 09:21 PM Re: Temporary loans
CRAatBOK Offline

Power Poster
Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
No Collateral, No HMDA (unless it is home improvement)

You don't even have to worry about the term of the loan.
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Life is not the way it's supposed to be. It's the way it is. The way you cope with it is what makes the difference.

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#414993 - 08/26/05 09:31 PM Re: Temporary loans
Glo Offline
Gold Star
Joined: Jul 2005
Posts: 394
Arkansas
Thank you ma'am!! Have a good weekend!

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#414994 - 09/13/05 01:13 AM Re: Temporary loans
HRH Dawnie Offline
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HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
But if it's booked as a small business loan, remember, CRA has NO TIME FRAME. Loans for a day as well as 20 years are all reported.
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