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#1753531 - 10/30/12 06:56 PM Loan to purchase bldg
Love Cruising Offline
100 Club
Joined: Mar 2009
Posts: 248
Loan proceeds to purchase a multifamily bldg.we are not holding the property being purchased as collateral. Is it HMDA reportable?

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#1753541 - 10/30/12 07:15 PM Re: Loan to purchase bldg Love Cruising
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,673
Bloomington, IN
What's securing the loan?
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1753548 - 10/30/12 07:22 PM Re: Loan to purchase bldg Dan Persfull
Love Cruising Offline
100 Club
Joined: Mar 2009
Posts: 248
We are providing a cash out from another multi-family property that the customer has and we hold the mortgage.

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#1753549 - 10/30/12 07:23 PM Re: Loan to purchase bldg Love Cruising
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,673
Bloomington, IN
Then it is a dwelling secured loan for the purpose of purchasing a dwelling therefore it is reportable as a home purchase.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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