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#1495480 - 01/14/11 04:27 PM Construction to Perm
Destin3 Offline
New Poster
Joined: Jan 2011
Posts: 14
If the customer took out a construction loan at antoher institution and is refinancing with us for the permanent portion, do you code as a purchase or refinance

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#1495616 - 01/14/11 06:03 PM Re: Construction to Perm Destin3
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
Purchase. See page D-5 and D-6 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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#1502738 - 01/31/11 05:51 PM Re: Construction to Perm Dan Persfull
Destin3 Offline
New Poster
Joined: Jan 2011
Posts: 14
ok...although it doesnt state it; does it matter if the construction portion was not done with us.

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#1502769 - 01/31/11 06:21 PM Re: Construction to Perm Destin3
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,841
No, it doesn't matter who did the construction loan.

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