Swing Loans/HMDA/Refi?

Here's our scenario: We had an original loan that was a construction loan and non-HMDA reportable. We then made another loan that was for permanent financing. Normally, according to GIR D-6, this would be coded as a purchase. Our examiner, however, feels that it should have been coded as a refi for HMDA, since the customer owned the land in the original loan. Any help is appreciated!

Hannah-

I pulled this straight from the Reg C Commentary:

5. Construction and permanent financing. A home purchase loan includes both a combined construction/permanent loan and the permanent financing that replaces a construction-only loan.

Seems that your examiner needs to read the Reg C commentary.

Land isn't HMDA reportable so why would it be a refi? DUH.

Thanks! The OCC has changed their mind...woo-hoo!! That doesn't happen too often.

Oops. Anonymous above was me. Had not logged in yet!

We are currently going through an exam with FRS and posed this question to them. After much discussion, they agreed it would be considered a purchase.