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#2157025 - 12/12/17 08:51 PM Preapproval and construction/perm loans
NMB Offline
Gold Star
Joined: Jun 2002
Posts: 255
Southeast Michigan
If you have a HMDA preapproval program, how do you treat construction/perm loans? The same as any other request for a home purchase preapproval request if there is no named property yet? Do you exclude construction/perm loans from the program?
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#2157134 - 12/13/17 06:03 PM Re: Preapproval and construction/perm loans NMB
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I think they should be included in the preapproval progam and reporting requirements. The applicants are applying for permanent financing (a purchase). I don’t know how or why you would exclude these.
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David Dickinson
http://www.bankerscompliance.com

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#2157174 - 12/13/17 08:45 PM Re: Preapproval and construction/perm loans NMB
NMB Offline
Gold Star
Joined: Jun 2002
Posts: 255
Southeast Michigan
Thanks. I hadn't thought about construction/perm loans in this context before and wanted to make sure I wasn't missing something.
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