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Construction Loans

Question: 
Is a construction only loan to a consumer covered by HMDA when there will be a separate loan for the long term financing??
Answer: 

A construction only loan is considered temporary financing and excluded under § 1003.3(c)(3) if the loan is designed to be replaced by separate permanent financing extended by any financial institution to the same borrower at a later time.
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Learn more about Jack Holzknecht’s webinar
Top 15 Issues With the New HMDA Rules

First published on 03/18/2018

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