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#913182 - 02/29/08 08:33 PM HMDA Confused?
noleman Offline
100 Club
Joined: Feb 2006
Posts: 126
Loan to purchase 2 Condo Units on beach. Units will be rented weekly. Loan to corporation and will not be used by signers.

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Lending Compliance
#913190 - 02/29/08 08:38 PM Re: HMDA Confused? noleman
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
These are non-owner occupied rental dwellings. What's your question?
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The opinions expressed are mine and they are not to be taken as legal advice.

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#913191 - 02/29/08 08:38 PM Re: HMDA Confused? noleman
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
What is your confusion? It's a reportable purchase.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#913203 - 02/29/08 08:44 PM Re: HMDA Confused? rlcarey
noleman Offline
100 Club
Joined: Feb 2006
Posts: 126
What would be the difference between a hotel and a condo if they both rent weekly or just for weekends.

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#913208 - 02/29/08 08:47 PM Re: HMDA Confused? noleman
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Condos by definition are dwellings, hotels aren't.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#913211 - 02/29/08 08:52 PM Re: HMDA Confused? rlcarey
Marnie Offline
Gold Star
Joined: Nov 2007
Posts: 437
Nevada
Following the thread, I am confused now, as I would have said not reportable as this would fall under the exception of transitory housing, such as hotels, given they are rented out weekly.

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