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Is a consumer bridge loan to purchase a new home secured by the existing and new home for a 1 year term that will be possibly fully paid off when the existing home sells HMDA reportable? The lender documented that the loan will likely be paid off in full in the file and a permanent take out was not obtained.
The 3(c)(3) paragraph 1. i. commentary example refers to the remaining balance later permanently financed. If the plan is for no subsequent loan, does that make the bridge loan reportable as a purchase?
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