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#1752992 - 10/26/12 08:59 PM purchase or refinance
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 394
oklahoma
We financed the construction of a primary residence for a borrower. We are now doing the permanet financing on the primary residence and paying off the constuction loan. For HMDA purposes is the new loan classified as a refinance or purchase?

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#1752995 - 10/26/12 09:04 PM Re: purchase or refinance parr04
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Home purchase. See Construction and permanent financing beginning on page D-5 of the GIR.

http://www.ffiec.gov/hmda/guide.htm
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1752997 - 10/26/12 09:06 PM Re: purchase or refinance Dan Persfull
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 394
oklahoma
thank you.

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