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#2015682 - 05/22/15 02:47 PM Paying Off Temporary Financing Loan
MBTCompliance Offline
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Joined: Apr 2015
Posts: 347
Loan #1 was temporary financing to purchase a property therefore not reportable. Loan #2 was the permanent financing which replaced Loan #1.

My train of thought is report Loan #2 as a Purchase. Thoughts?

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#2015687 - 05/22/15 02:58 PM Re: Paying Off Temporary Financing Loan MBTCompliance
Adam F Offline
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Adam F
Joined: Apr 2013
Posts: 420
VA
Agreed. The temporary financing is not reported and the permanent financing is reported as a purchase.
_________________________
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2015693 - 05/22/15 03:07 PM Re: Paying Off Temporary Financing Loan MBTCompliance
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,763
Central City, NE
FWIW, I agree as well.
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David Dickinson
http://www.bankerscompliance.com

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#2015697 - 05/22/15 03:10 PM Re: Paying Off Temporary Financing Loan MBTCompliance
MBTCompliance Offline
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Joined: Apr 2015
Posts: 347
Thank you for the confirmation!

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