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Topic
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HMDA purpose: The 1st mortgage will be used to purchase the property as a primary residence.
The additional 2nd mortgage HELOC is being requested for personal expenses.In this scenario – is it acceptable to record the HELOC as a “other” for HMDA purposes? No other purposes applies (it is not refinancing and is not HI). Or would it also be recorded as a “purchase” because it is simultaneous with 1st mortgage?
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