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#735881 - 05/18/07 05:11 PM Payoff of Land Contract
hawkfan Offline
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?


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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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