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#2132326 - 05/30/17 04:24 PM HMDA or Not HMDA?
rrush Offline
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Joined: Dec 2011
Posts: 74
We have a mortgage loan, proceeds are all going to the borrowers. They built a new house - did not have a loan to build it. The proceeds are to reimburse them for the overages and make a final payment to the contractor. Would this be a HMDA loan? Would it be a purchase?

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#2132341 - 05/30/17 04:58 PM Re: HMDA or Not HMDA? rrush
NSF, CRCM Offline
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Joined: Apr 2013
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VA
I would not consider this a HMDA reportable loan.
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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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#2132345 - 05/30/17 05:08 PM Re: HMDA or Not HMDA? rrush
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,637
Bloomington, IN
Previous discussion of a similar circumstance.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2132376 - 05/30/17 06:23 PM Re: HMDA or Not HMDA? Dan Persfull
rrush Offline
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Joined: Dec 2011
Posts: 74
Thank you Dan - that is what I was thinking but wanted to be sure

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