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#1747740 - 10/09/12 06:54 PM putting a three liens against a property
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
Situation: We have three properties free and clear and the customers are purchasing a one to four family with the proceeds. This is HMDA reportable right? I'm getting the push back here.

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#1747742 - 10/09/12 06:56 PM Re: putting a three liens against a property kelso
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
Yes. For HMDA you report a "purchase of a dwelling, secured by a dwelling." Nothing says they have to be one and the same.
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#1747743 - 10/09/12 06:57 PM Re: putting a three liens against a property kelso
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,564
OK
Yes, as a purchase. If your purpose is to purchase a home and your security includes a dwelling (whether the dwelling being purchased or not), it's reportable.

ETA: or what Becca said quicker. smile
Last edited by raitchjay; 10/09/12 06:58 PM.
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#1747749 - 10/09/12 07:02 PM Re: putting a three liens against a property kelso
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
thank you so much!

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