short term refinancing in hopes he pays it off when he sells it
Short term financing does not equal temporary financing.
The first note would have been exempt from HMDA because it was a construction loan. The following notes appear to be short term but not temporary financing because they are not "designed to be replaced by financing of a much longer term." It appears they were designed to be paid off by a sale, not by a refinance into a much longer term. Therefore, I see these as HMDA reportable loans.
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Adam Witmer, CRCM
All statements are my opinion, not those of my employer, and should not be taken as legal advice.
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