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#742104 - 05/30/07 01:33 PM HMDA - Owner Occupancy
hawkfan Offline
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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.

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

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#742114 - 05/30/07 01:40 PM Re: HMDA - Owner Occupancy hawkfan
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,016
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.
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The opinions expressed are mine and they are not to be taken as legal advice.

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