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#573249 - 06/22/06 07:50 PM HMDA ?
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
We are doing a loan to purchase rental property and improvements to it. We will advance the money for the purchase at origination, and the remaining loan amount to be multiple advanced as in a construction loan. Loan is set up for one year, interest only, and will then go to permanent financing. Is this HMDA reportable now because of the purchase, or not because of the temporary financing???

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Lending Compliance
#573250 - 06/22/06 07:59 PM Re: HMDA ?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
We would report it as a home purchase once it converted to permanent financing.
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The opinions expressed are mine and they are not to be taken as legal advice.

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