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HMDA Reporting- Dwelling Being Converted to Office
Answer by David Dickinson, BOL Guru
Guru Bio
Question: A customer is purchasing a dwelling, but will use the remaining proceeds to convert the property into an office building. Would this loan be reportable as a purchase under HMDA?
Answer: No, they aren't purchasing a dwelling, they are purchasing a building. Since it will be converted to an office, it no longer is classified as a dwelling.
First published on BankersOnline.com 9/17/07
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