FORUM PROFILE

HMDA – Loan Purpose

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #344820
    Mary Beth Devillier
    Participant

    I have a construction only loan that we are refinancing to put on payback plus giving them additional money to complete home construction and add a pool. I’m overthinking my loan purpose for HMDA reporting. I want to say it is Purchase even though they are receiving funds to complete construction but adding a pool is making me think possibly cash out refinance. What are your thoughts?

    #344823
    pparks
    Participant

    Well, we know that the construction only loan was not HMDA reportable, so are you saying that we are now paying off that loan with permanent financing plus adding funds to complete construction and add a pool? If this is permanent financing (possibly some sort of 1x close to complete construction, not just pool), you will just select the highest on the pecking order for this multiple purposed new loan…which would be a purchase…that’s if my interpretation of the facts are correct.

    • This reply was modified 1 month, 1 week ago by pparks.
    #344829
    Mary Beth Devillier
    Participant

    Correct this is permanent financing with completion of construction. Thanks!

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.