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Temporary Financing

How can we accurately determine if a loan is temporary financing or not?

HMDA considers two situations to be temporary financing.
1. A loan that will be replaced by permanent financing, including renewals when the anticipated repayment continues to be permanent financing, and
2. A loan to a builder to construct a dwelling that will be sold to a third part. This temporary financing exclusion also includes renewals provided the anticipated repayment continues to be sale of the dwelling.
Learn more about Kathleen Blanchard’s webinar HMDA Tips and Year End Prep

First published on 09/29/2019

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