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#735881 - 05/18/07 05:11 PM Payoff of Land Contract
hawkfan Offline
Member
Joined: Feb 2006
Posts: 83
Do we report a loan to payoff a contract as a purchase or a refinance? I remember a thread about this from before, but cannot find it.

Additionally, if the loan is for a larger amount than the contract because they are also paying off some credit card debt, do we report the full amount or just the contract amount?

Thanks.

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#735900 - 05/18/07 05:19 PM Re: Payoff of Land Contract hawkfan
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,016
Bloomington, IN
We report them as refis for HMDA. Some report them as purchases.

Our reasoning is there is an existing debt secured by a dwelling and the borrower has obtained partial ownership via the contract.

The transaction is also subject to the ROR.

You would report the full loan amount.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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