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#2058634 - 01/14/16 04:09 PM HMDA-Construction to mini perm
Love Cruising Offline
Junior Member
Joined: Sep 2015
Posts: 39
We have a customer that is requesting that we convert their construction loan with 10,000 available balance to a mini perm loan, and provide additional funds to pay out a partner and pay closing cost. The customer ended up withdrawing the request. Would this request be HMDA reportable and if so, would it be for the full amount of the current outstanding balance, and the increase to buyout partner and pay for the closing cost, taxes and insurance to be used towards escrows?

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#2058846 - 01/15/16 01:03 PM Re: HMDA-Construction to mini perm Love Cruising
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
It certainly sounds like a reportable application as you have described it. Report the amount that they requested, as described.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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