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#391588 - 07/26/05 04:24 PM HMDA reassurance please
Truffle Royale Offline

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Searched the threads and HMDA Heaven but can't find the confirmation necessary...

Mortgage taken on primary residence to build new residence. HMDA purpose = purchase, right?

Don't know why this one is confusing me.

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Lending Compliance
#391589 - 07/26/05 04:37 PM Re: HMDA reassurance please
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
Right. If you're only taking the current residence as collateral, use the property info for that property.

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#391590 - 07/26/05 04:42 PM Re: HMDA reassurance please
Truffle Royale Offline

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thanks!

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#391591 - 07/26/05 04:47 PM Re: HMDA reassurance please
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
But if it's temporary financing, it is not reportable.
_________________________
The more you sweat in training, the less you bleed in battle.......

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#391592 - 07/26/05 04:54 PM Re: HMDA reassurance please
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,400
Nope. 30 yr. refi of current residence. Even tho it'll probably get paid off in a year or two.

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