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#1383470 - 04/29/10 01:28 PM Construction
Linkpars Offline
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Joined: Jan 2007
Posts: 179
Kentucky
Have a simple quesition.

When you have a construction loan that is switched to permanant financing, it is considered a purchase on the HMDA Lar. Is this correct?

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#1383471 - 04/29/10 01:29 PM Re: Construction Linkpars
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
Yes, that is correct.
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#1383472 - 04/29/10 01:30 PM Re: Construction Skittles
Linkpars Offline
100 Club
Joined: Jan 2007
Posts: 179
Kentucky
Thank you, that is what I thought, but I have some question it in a meeting.

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#1383476 - 04/29/10 01:36 PM Re: Construction Linkpars
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
If they still question it refer them to page D-5 of the GIR.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1383495 - 04/29/10 01:55 PM Re: Construction Dan Persfull
Linkpars Offline
100 Club
Joined: Jan 2007
Posts: 179
Kentucky
What does GIR stand for?

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#1383515 - 04/29/10 02:30 PM Re: Construction Linkpars
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
A Guide to HMDA Reporting Getting it Right. Here's the link:

http://www.ffiec.gov/hmda/pdf/2009guide.pdf

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#1383560 - 04/29/10 03:18 PM Re: Construction hmdagal
Linkpars Offline
100 Club
Joined: Jan 2007
Posts: 179
Kentucky
After you say that I knew what it stood for, my brain is not working today apparently. Thanks

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