Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums HMDA HMDA - Owner Occupancy
Thread Options
#742104 - 05/30/07 01:33 PM HMDA - Owner Occupancy
hawkfan Offline
Member
Joined: Feb 2006
Posts: 83
If we have a loan to a church for a parsonage (original was to construct (not reportable), but now on permanent) I would assume that would be non-owner occupied. Is that correct? Thanks.

Return to Top
HMDA

   
HMDA Academy
#742108 - 05/30/07 01:35 PM Re: HMDA - Owner Occupancy hawkfan
hawkfan Offline
Member
Joined: Feb 2006
Posts: 83
Additionally, when the construction loan converted to permanent financing, is this recorded as a "purchase" or "refinancing"?

Return to Top
#742114 - 05/30/07 01:40 PM Re: HMDA - Owner Occupancy hawkfan
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,673
Bloomington, IN
The conversion to permanent financing of a construction loan is reported as a home purchase.

The church owns the parsonage therefore it would be non-owner occupied.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  SMQ, CRCM