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Construction-Perm

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  • February 19, 2015 at 12:06 pm EST #6693
    Anonymous
    Inactive

    We do one-time closings for our construction/perms. We have been reporting the loans for HMDA purposes when they go to the permanent phase. We had such a loan close in 2013. The permanent phase was to go into effect on 1/1/2014. We just realized that LaserPro brought it into the HMDA LAR (as scheduled) on 1/1/14; however, the loan paid off in late 2013. How should this be handled? It wasn’t reported in 2013.

    February 23, 2015 at 10:50 am EST #6703
    rcooper
    Member

    Tstrait,
    I’ve asked Jack to answer your question. You should hear from him soon.
    Thanks for your patience.

    February 23, 2015 at 1:04 pm EST #6707
    rcooper
    Member

    HMDA – Construction-Perm Paid Off in Construction Phase

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