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New HMDA – Challenges for commercial lenders

Question: 
Are there any fields in the revised HMDA rule going into effect that will be tricky for commercial lenders?
Answer: 

There are a few, such as the definitions for “interest only” and “balloon” that are borrowed from Regulation Z/TRID but apply to business purpose loans. We will review these items that will need to be explained carefully to commercial lending staff.
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Learn more about Kathleen Blanchard’s webinar
Business Purpose Loans – What Are They and How Are They Reported for HMDA?

First published on 08/13/2017

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