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#1211257 - 07/02/09 02:22 PM Refinancing to Purchase a Land Lot
HMDA Specialist Offline
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Joined: Mar 2008
Posts: 78
I have a First Lien dwelling-secured loan that replace and satisfies another dwelling-secured loan, BUT the purpose is to purchase a land lot.

Is this transaction HMDA reportable?

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#1211271 - 07/02/09 02:30 PM Re: Refinancing to Purchase a Land Lot HMDA Specialist
Happy Birthday #12 Offline
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Joined: Jun 2005
Posts: 1,343
If you have a dwelling secured loan satisfying and replacing another dwelling secured loan, it's reportable. It doesn't matter if you used additional funds to buy a lot or buy a car.
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#1211335 - 07/02/09 03:10 PM Re: Refinancing to Purchase a Land Lot #12
HMDA Specialist Offline
Member
Joined: Mar 2008
Posts: 78
Wich Purpose we have to report Refinance or Purchase?

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#1211340 - 07/02/09 03:14 PM Re: Refinancing to Purchase a Land Lot HMDA Specialist
Happy Birthday #12 Offline
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Joined: Jun 2005
Posts: 1,343
You're not purchasing a dwelling. You would report it as a refinance.
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