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#430953 - 09/29/05 02:30 PM Refi of Construction loan (HMDA?)
ldsnanny3 Offline
100 Club
ldsnanny3
Joined: Nov 2003
Posts: 205
Georgia
We made a construction loan for 6 months. After the 6 months, the home is now complete, however, the loan officer has decided to keep the loan inhouse instead of selling it off in the secondary market. How should this loan be reported on the LAR? Is it a refinance or would it be a home purchase?

Thanks

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Lending Compliance
#430954 - 09/29/05 02:34 PM Re: Refi of Construction loan (HMDA?)
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,791
Bloomington, IN
Home purchase.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#430955 - 09/29/05 02:39 PM Re: Refi of Construction loan (HMDA?)
ldsnanny3 Offline
100 Club
ldsnanny3
Joined: Nov 2003
Posts: 205
Georgia
Thanks Dan.

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#430956 - 09/29/05 02:39 PM Re: Refi of Construction loan (HMDA?)
#12 Offline
Diamond Poster
Joined: Jun 2005
Posts: 1,343
I agree with Dan!
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