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#205608 - 06/29/04 07:17 PM HMDA purpose

This one has got me thinking. Have a purchase loan of a SFR to an individual (Lucy). This was reported as such; this one was easy. A new loan in the name of an entity, which happens to be the company of Lucy, is acquiring the SFR. This looks simply to me that Lucy wants the loan and the property in the name of her company; however, wouldn't this be a purchase loan in the name of the company? The HUD does not show seller/buyer, I guess because no funds actually changed hands.

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#205609 - 06/30/04 12:38 PM Re: HMDA purpose
Andy_Z Offline
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It is a sale by Lucy to the company. The assets and liability will transfer just like any other seller-buyer transaction. The only difference is that the same face will be on both sides of the table, but wearing different hats.
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