[MercCarcade]

Hey there! This is a great question regarding HMDA reporting. When it comes to recording the purpose of a 2nd mortgage HELOC, it can sometimes be a bit tricky to determine if it should be recorded as “other” or “purchase.” However, since the 1st mortgage is being used to purchase the property as a primary residence and the 2nd mortgage is being requested for personal expenses, it may be acceptable to record the HELOC as “other.” But it’s always a good idea to check with a professional, like a Mortgage Advisor Leeds https://leedsmoneyman.com , to make sure you’re following the correct guidelines and reporting accurately.

• This reply was modified 1 year, 9 months ago by MercCarcade.

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