HMDA LAR - Boat Dock & Lake House Purchase
Answer by Randy Carey and David Dickinson, BOL Gurus Guru Bio
Question: We got a six month loan to construct a boat dock and purchase a lake house. It is set up as interest only for six months which will be paid from job income. At term, it will be refinanced as a regular mortgage on the secondary market. The client will then use the residence as a second home. Does this need to be reported on the HMDA LAR?
Answer by Randy Carey: It is temporary financing.
Answer by David Dickinson: Read the article entitled "HMDA Temporary Financing" found at our website.
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