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#1889531 - 01/23/14 05:02 PM Switch Houses
3up3down Offline
Junior Member
Joined: Jun 2008
Posts: 25
Mother switched houses with daughter and son-in-law. It was a straight trade with no loan. Daughter and SIL then did a bridge loan to make improvements to the house. That loan is now going into final loan so I now have to report to HMDA. What should the purpose of the loan be?

Thank you in advance.

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#1889534 - 01/23/14 05:07 PM Re: Switch Houses 3up3down
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,348
Trade included deeds so daughter and SIL are on title for their current residence, correct?
Improvements are done and paid for too, right?
If so, you have a refinance now.

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#1889539 - 01/23/14 05:09 PM Re: Switch Houses Truffle Royale
3up3down Offline
Junior Member
Joined: Jun 2008
Posts: 25
Yes they are on the title. The bridge loan was to do the home improvements so now this loan is put the bridge loan in monthly payments status.

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#1889555 - 01/23/14 05:21 PM Re: Switch Houses 3up3down
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,348
straight refi for HMDA

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