HMDA Land Contract

Posted By: bgehres

HMDA Land Contract - 05/19/05 05:33 PM

Would a loan to payoff a land contract be reported as a refinance under HMDA?
Posted By: Dan Persfull

Re: HMDA Land Contract - 05/19/05 06:51 PM

Your option as long as you are consistent.

We report as refis, others report as purchases. Again, the key is being consistent.

BTW, the rescission rules apply to these loans whether you report as a purchase or a refi.
Posted By: Anonymous

Re: HMDA Land Contract - 05/19/05 07:56 PM

Keep in mind the HMDA defintion of a refinance. A refinancing is a dwelling-secured loan that replaces and satisfies another dwelling-secured loan to the same borrower.If this particular loan does not fall under that definition, it cannot be reported as a refinance.