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BankersOnline.com Forums Dodd-Frank Final Rules Discussions HMDA Overhaul 2018 Business Purpose?
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#2169632 - 03/22/18 05:53 PM Business Purpose?
KCompliance Offline
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Joined: Feb 2017
Posts: 4
We have a request for a loan on a SFD rental property that is free and clear. This loan will be to payoff a loan in another business name that is with an investment company. I'm thinking this would be a business purpose loan and not reportable, since it's not HI, Purchase, or a Refinance? I seem to overthink these things. Thanks!!

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#2169633 - 03/22/18 05:57 PM Re: Business Purpose? KCompliance
RVFlyboy Offline
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Joined: Oct 2000
Posts: 5,992
Soaring over Georgia
I agree with your assessment although I'm assuming SFD stands for single family dwelling - if it's something different, my answer might be different.
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#2169658 - 03/22/18 06:34 PM Re: Business Purpose? RVFlyboy
KCompliance Offline
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Joined: Feb 2017
Posts: 4
Yes, sorry, single family dwelling. Thanks!!

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