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#1180262 - 05/11/09 03:27 PM How to Report?
AuenK9 Offline
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Joined: Dec 2004
Posts: 6
Illinois
We had a construction loan that when the term was up a new loan was made - 80% went to secondary market. We kept 20% with a second mortgage. I know if we kept the entire loan that construction to permanents are reported as purchases.

Do I report the amount (20%) that we kept as a "purchase" for HMDA even if it is a second?

Thanks!

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#1180285 - 05/11/09 03:34 PM Re: How to Report? AuenK9
Happy Birthday #12 Offline
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Joined: Jun 2005
Posts: 1,343
My vote is yes, it is a purchase.
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#1180300 - 05/11/09 03:39 PM Re: How to Report? #12
hmdagal Online
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hmdagal
Joined: Dec 2002
Posts: 3,841
FWIW I agree. They need both loans to pay off the construction loan, so both are reportable.

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#1180602 - 05/11/09 07:07 PM Re: How to Report? hmdagal
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Quote:
FWIW I agree.


And I make three!!! smile
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The opinions expressed are mine and they are not to be taken as legal advice.

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