Home Improvement or Temporary Financing

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    I have a one year draw line of credit secured by the borrower’s principal residence. This note, upon maturity, can not be renewed, or extended. It must either be paid off, placed on P&I payments, or be taken out of the bank. Upon maturity it is intended to be replaced other financing of a permanant nature; however, the LOC is for home improvement purposes. Would this note, based either term or the setup, be considered temporary financing for HMDA? Thanks.

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