If I understand correctly, that's what MyScamper's original post was saying. She said that Chicago FDIC is saying that if a single loan is done to finance the acquisition, teardown and reconstruction it would be considered a construction loan and would not be HMDA reportable. On the other hand if one loan was done to finance the acquisition, and another loan was done to finance the tear down and reconstruction, the acquisition loan would be reportable as a home purchase loan. The construction loan would still not be reportable.
Jim Bedsole, CRCM, CBA, CFSA, CAFP
My posts - my opinions