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#758891 - 06/22/07 04:25 PM Cabin
True Blue Offline
Joined: May 2007
Posts: 79
Is a purchase of a seasonal cabin HMDA reportable?

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#758909 - 06/22/07 04:36 PM Re: Cabin True Blue
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
Based on the short description I would say yes. Appears to be a vacation home, no different than some one purchasing a lake home or ski resort home for seasonal use.
The opinions expressed are mine and they are not to be taken as legal advice.

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#819855 - 09/20/07 10:11 PM Re: Cabin Dan Persfull
RFitzpatrick Offline
Gold Star
Joined: Apr 2002
Posts: 424
Pacific NW
Related question - If the customer secures the purchase of the cabin/vacation home with their existing residence, which property do you use for reporting?

I've always thought you reported the property being purchased/improved. But am hearing you use the collateralized property in this case. If not the purchased property, is it still a purchase or a refi?
Liability for taking my advice is limited to the amount you paid for it.

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#819871 - 09/20/07 10:19 PM Re: Cabin RFitzpatrick
hmdagal Offline
Power Poster
Joined: Dec 2002
Posts: 3,819
For purchase or refi, you report the property taken as collateral. For home improvement, you report the property being improved.

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