We have a construction perm loan for which the customer came back to request an additional $200,000 in order to finish construction. We took a new promissory note (PN)entitled "Modification of Promissory Note" for the full amount of the loan including the new money. Also, in the verbiage included in the new PN it states that:
[i][/i] Maker has requested an increase to the loan amount and to otherwise modify the terms of the Loan, subject to the terms and conditions set forth herein, which shall control over any terms of the Note, which conflict with the terms of this Note"
Would you consider the PN is replacing the previous PN? We also disbursed new money, is it HMDA reportable