HMDA and Loan Secured by One Dwelling Used to Purchase Another Dwelling
Issue/Inquiry
The Bank is originating two loans to the same borrower. The first is to purchase seven residential condominium units, so it is HMDA-reportable. The second is secured by two separate residential condominium units already owned by the borrower, the proceeds of which will be used for the purchase of the seven residential condominiums. Is the second loan also HMDA-reportable?
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