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#1819235 - 05/31/13 05:49 PM Commercial and Residential Property on one Loan
LizzyP Offline
Junior Member
Joined: Jul 2006
Posts: 48
TX
We have a customer that is purchasing a Business property and a 1/4 Family residence. Both properties are combined into one loan. Should the 1/4 Family residence which is secured by the home be HMDA reportable and what amount should I use on the LAR (if reportable)? The only dollar break down of the 1/4 Residence is the Evaluation for the home. I have not had one of these before! HELP
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#1819239 - 05/31/13 05:52 PM Re: Commercial and Residential Property on one Loan LizzyP
raitchjay Online
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Joined: Oct 2009
Posts: 9,105
OK
Yes, HMDA reportable. The principal amount of the loan (the entire amount) should be entered as your loan amount.
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#1819240 - 05/31/13 05:52 PM Re: Commercial and Residential Property on one Loan LizzyP
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Correct. You do not split the loan amount in HMDA for a purchase.
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