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#1481965 - 12/16/10 09:43 PM report an assumption on LAR?
corkygirl Offline
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Joined: Sep 2004
Posts: 4,241
middle of the country
We have a commercial loan that was originally for the purchase of a 16 unit apartment building. This year the owners sold the building and the new owner signed an assumption of our existing loan. Is this HMDA reportable or not? No new note, no new money but purpose of assumption was to purchase the building - - I can go either way. Thanks
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#1481971 - 12/16/10 09:45 PM Re: report an assumption on LAR? corkygirl
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,814
See page D-2 in GIR, corky. If there is a written assumption agreement, it's reportable.

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#1481988 - 12/16/10 10:00 PM Re: report an assumption on LAR? hmdagal
corkygirl Offline
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Joined: Sep 2004
Posts: 4,241
middle of the country
Thank you, I am being reviewed by someone from corporate and being questioned on why I reported it. Could for the life of me find that page in GIR and was getting frustrated. Bless you - - - I Was Right grin
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