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#2162582 - 01/31/18 06:06 PM Temp Loan that Changed
moola741 Offline
Member
Joined: Dec 2003
Posts: 86
We have a loan that is a temporary loan and was going to be refinanced into a term loan, after it matured, which would then make it HMDA reportable. That refinance will now not happen which switches it to a Short Term loan. Do we leave it off the LAR based on what approved and what we knew in the beginning or do we now report it based what we know now.

Thank you in advance for your time.

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#2162583 - 01/31/18 06:11 PM Re: Temp Loan that Changed moola741
Adam F Online
Gold Star
Adam F
Joined: Apr 2013
Posts: 420
VA
Has the loan closed yet?
_________________________
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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#2162633 - 01/31/18 08:02 PM Re: Temp Loan that Changed moola741
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
Base your decision on what you knew at the time it originally closed.

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#2162643 - 01/31/18 08:22 PM Re: Temp Loan that Changed moola741
moola741 Offline
Member
Joined: Dec 2003
Posts: 86
That's what I thought....just wanted to make sure I didn't understand something wrong.

Thank you!

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