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#1029246 - 08/27/08 06:18 PM What do I report?
Relax Offline
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Joined: Jul 2007
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I have a loan in which the borrower is refinancing his home and adding in a payoff on a construction loan that was for a spec home. Should/can I report the occupancy as owner occupied with location as his home and also report this as a purchase since it is the final perm financing of a spec home (constuction)?

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#1029272 - 08/27/08 06:44 PM Re: What do I report? Relax
Kristi Offline
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Kristi
Joined: Feb 2005
Posts: 94
On the LAR you could only report it one way or the other. I would determine what is the larger portion of the loan, the refinance of his home or the perm financing of the spec home and code it based on that.

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#1029279 - 08/27/08 06:51 PM Re: What do I report? Kristi
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The only collateral for this loan is the dwelling they are living in..we did not take collateral on the spec home.
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#1029289 - 08/27/08 06:55 PM Re: What do I report? Relax
hmdagal Online
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You report the information on the collateral property - geocode that address and use occupancy code of '1'.

As far as purpose, for multiple purpose loans, purchase trumps refi, so report as a purchase.

I know it doesn't sound logical, but that's what the reg requires.

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#1029293 - 08/27/08 06:58 PM Re: What do I report? hmdagal
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Great, thanks. That is the way I was leaning but may have been over thinking it - I remembered something about reporting the property being purchased...and since the const to perm is a purchase etc etc...
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#1029295 - 08/27/08 07:00 PM Re: What do I report? Relax
hmdagal Online
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That would only be if you were taking both properties as collateral. Then you wouldn't get to pick which one to report, you have to report the one that's being purchased.

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#1029296 - 08/27/08 07:00 PM Re: What do I report? hmdagal
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Thanks so much..it has been a long day so far.
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"I like a little rebellion now and then. It is like a storm in the atmosphere." -Thomas Jefferson

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