Answer:
If this is a true construction only loan, it would be considered temporary financing and should not be reported on the bank's HMDA LAR. Remember that temporary financing is not defined by a certain amount of time.
Temporary Financing
Question:
Our bank has a construction only loan that has been in the pipeline for eighteen months. Because this loan is now over a year old, should we report this on our HMDA LAR?
Vendor:
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