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#1782135 - 02/01/13 05:16 PM Change in participation lead
notuntermywatch Offline
Gold Star
Joined: Jun 2006
Posts: 392
We were a participant on a loan with a bank that ultimately was closed. The FDIC asked us if we wanted to be the new lead bank and we agreed to those terms.

No new note, just simply an assigment to us that made us become the lead bank.

Of course this is secured by a dwelling, so there are HMDA implications. I don't think this would be reportable because I don't see a new note that would satisfy and replace the old note, but I have not run across this before.

Has anyone else run into this?

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#1782454 - 02/03/13 09:36 PM Re: Change in participation lead notuntermywatch
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,911
Galveston, TX
Participations are not HMDA reportable.
The opinions expressed here should not be construed to be those of my employer:

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