HMDA and Temporary Financing
The Bank has a loan which was characterized as a 12-month construction loan. However, the write up of the loan states that the home which is being constructed is 70 percent complete and that the loan will be used to refinance an existing construction loan at another bank. The only work left to be completed is for cosmetics, landscaping, and fixture installations. Would this loan be HMDA-reportable as a home improvement loan?