Answer:
To determine if a “mini-perm,” a term usually applying to business purpose loans that are no more than 10 years in length, is HMDA reportable, you will apply the normal HMDA rules including checking if the loan qualifies as temporary. If all other requirements, such as dwelling secured, are met and the loan is not temporary, then it is HMDA reportable regardless of the term.
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Learn more about Kathleen Blanchard’s
Temporary Financing – Making Sense of the HMDA Rules webinar.
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