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#1538736 - 04/21/11 03:40 PM Construction, then perm loan
CSB98 Offline
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Joined: Dec 2003
Posts: 1,338
Wisconsin
We did a 6 month construction loan, not reported on HMDA. We then termed out the construction loan -- is this reported as a purchase or refi?

This was not a combined construction/perm loan. We did two separate loans.

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#1538810 - 04/21/11 04:33 PM Re: Construction, then perm loan CSB98
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Page D-5 and -6 of the GIR.

http://www.ffiec.gov/hmda/guide.htm
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#1555262 - 05/23/11 02:21 PM Re: Construction, then perm loan Dan Persfull
burgh Offline
Junior Member
Joined: Sep 2005
Posts: 40
The permanent financing doesn't have to be with your bank correct? If a customer applies for a construction loan and you know they have been approved for permanent financing elsewhere, the construction loan is HMDA reportable correct?

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#1555264 - 05/23/11 02:24 PM Re: Construction, then perm loan burgh
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,105
OK
The permanent financing doesn't have to be with your bank, but it is the permanent financing that is reportable, not the temporary construction loan. If all your bank has is the temporary loan, your bank doesn't report.
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