Dan, Is the trigger here that the construction period is over and that it is now P & I versus Interest Only?

Question: I work in commercial lending and we have several construction loans to builders that we are now having to extend the maturity date and modify the payments to P and I (principal and interest) because the homes are not selling. Is this HMDA reportable?

Answer: Yes. You are converting construction loans to permanent financing. You will report them as a home purchase. From page D-6 of A Guide to HMDA Reporting: Getting It Right:

I know of a case where the completed spec was under contract and interest only was extended for sixty days to allow time for the sale. HMDA reportable?