- This topic has 1 reply, 2 voices, and was last updated 3 years, 4 months ago by .
-
Topic
-
It appears an exception was made to policy when the bank chose to pay off another bank’s 1x close loan earlier on in the construction process with a 1x close loan of our own. Am I correct in still reporting the Loan Purpose as a Purchase on the HMDA LAR, considering the construction was not yet complete? The LOB currently has this reported as a 32 (Cash-out Refi) on the HMDA LAR. Once again, thanks for the feedback.
Viewing 1 replies (of 1 total)
Viewing 1 replies (of 1 total)
- You must be logged in to reply to this topic.