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HMDA Reporting on Bahamian Condo
Answer by Dan Persfull, BOL Guru
Guru Bio
Question: A borrower is using their equity in a condo in the U.S. to purchase a condo in the Bahamas. Is this HMDA reportable as the purchase is outside the U.S. and Commonwealth of Puerto Rico?
Answer: It would not be reported as a purchase because the condo in the Bahamas does not meet the definition of a dwelling for HMDA purposes. However, if the equity loan on the U.S. property meets the definition of a refinancing then you would have a reportable refinancing since that property would meet the dwelling definition.
First published on BankersOnline.com 9/03/07
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