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We have a mortgage application that is approved not accepted for the HMDA LAR. The loan was approved as a 1 year bridge loan to purchase 1-4 property while the previously owned house was being renovated and sold. The payments are for one year of interest only and the loan is secured by the dwelling being purchased. Are we correct in that it is NOT HMDA reportable because it is intended to be replaced by more permanent financing even though we did not book the loan and have no idea what the financing will be in one year?
Thanks, Kristen
I’d agree that this loan is not HMDA reportable.
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