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Assumptions and the HMDA LAR

Question: 
Should every assumption be on the HMDA LAR?
Answer: 

Not necessarily. For example, if title to the property changed hands prior to the signing of the assumption agreement with the financial institution, the assumption will not be HMDA reportable. The transaction is not the equivalent of a purchase transaction because the borrower already owns the property prior to signing the assumption agreement.
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Learn more about Kathleen Blanchard’s webinar
Extensions of Credit and the Bigger HMDA Picture - Identifying Reportable HMDA Transactions

First published on 07/23/2017

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