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#1423508 - 08/03/10 06:45 PM HMDA
gunches Offline
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Joined: Dec 2005
Posts: 210
We did a construction to permanent loan in a one time close that just went into the permanent financing stage so we are reporting it now. What date do we use for the application date and origination date?
He also paid down about $50,000 in principal reduction. What do we use for loan amount?

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#1423597 - 08/03/10 07:47 PM Re: HMDA gunches
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
App date - original app date

Date action taken - date it converted to the permanent phase (FWIW for one time closings going forward I would recommend reporting them at consummation but that is only a recommendation.)

$ amt - I would report the original $ amt.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1423686 - 08/03/10 08:58 PM Re: HMDA Dan Persfull
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210

What APR would we use to calculate the rate spread if we used the rate on the consummation date for reporting?

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