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Can’t seem to locate a clear answer to this – I know that the “purchase” definition is “any loan secured by and made for the purpose
of purchasing a dwelling.”Situation: Parents use their home as collateral to borrow money to purchase a home for a child. Loan meets the definition but the parents loan documentation is not RESPA disclosed (purchase or construction) because the proceeds are payable to the parents and gifted to the son 😕 . Is this still a HMDA reportable loan?
😕
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