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Re: HMDA Purpose

Home Forums Home Mortgage Disclosure Act HMDA Purpose Re: HMDA Purpose

#2871
jholzknecht
Keymaster

A home purchase loan must be for the purpose of purchasing a dwelling and the loan must be secured by a dwelling. Your question didn’t mentioned whether the loan was secured or not. Even if it is secured, the loan is not for the purpose of purchasing a dwelling. There apparently is no transfer of title at the time your loan occurs.