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#2288453 - 09/06/23 08:21 PM Loan Purpose when additional units are added?
Help! Compliance Offline
100 Club
Joined: Oct 2012
Posts: 160
San Antonio, TX
When you are reporting on an existing multi-family property that is having units added (Ex. Apartments adding additional buildings with multiple units or mobile home park adding additional home sites (with or without homes attached)), would the Loan Purpose be reported as a 2-HI or a 1-Purchase? Thanks!
Last edited by Help! Compliance; 09/06/23 08:21 PM.
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HMDA

#2288554 - 09/11/23 01:22 PM Re: Loan Purpose when additional units are added? Help! Compliance
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,886
Bloomington, IN
(Ex. Apartments adding additional buildings with multiple units or mobile home park adding additional home sites (with or without homes attached))

IMHO this would be a purchase due to new dwellings are being constructed plus a purchase supersedes home improvement.
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The opinions expressed are mine and they are not to be taken as legal advice.

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