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#2172383 - 04/06/18 07:06 PM Construction Mortgages -Loan Purpose HMDA Question
dswingle Offline
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Joined: Feb 2016
Posts: 15
When completing the "Loan Purpose" field for HMDA reporting on a Construction Mortgage, and you are paying off a land loan as part of the transaction, would the Loan Purpose be Refinance or Purchase as normally chosen on a Construction Mortgage?

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#2172384 - 04/06/18 07:11 PM Re: Construction Mortgages -Loan Purpose HMDA Question dswingle
raitchjay Online
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Joined: Oct 2009
Posts: 9,108
OK
Can't be a refi for HMDA as a HMDA refinance has to be dwelling-secured on both ends (loan being paid off and loan being originated).
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#2172385 - 04/06/18 07:12 PM Re: Construction Mortgages -Loan Purpose HMDA Question dswingle
raitchjay Online
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Joined: Oct 2009
Posts: 9,108
OK
(And regardless, purchase trumps refi.)
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I'm fixin' to fix that.

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#2172539 - 04/09/18 04:17 PM Re: Construction Mortgages -Loan Purpose HMDA Question dswingle
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,763
Central City, NE
If $1 is to purchase a dwelling, then report it as a "purchase" for HMDA.
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David Dickinson
http://www.bankerscompliance.com

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