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Re: HMDA Temporary Financing

Home Forums Home Mortgage Disclosure Act HMDA Temporary Financing Re: HMDA Temporary Financing

#2913
cjernigan1211
Participant

No this is not a HELOC. We already offer this product which, for us, has different characteristics. Our bank does not report HELOCs on the LAR. For purposes of reporting this home improvement Note on the LAR, would it help clarify the temporary financing definition if language on the Deed of Trust and Note both indicated this product was for temporarY financing and can not be renewed, refinanced, or modified in any way.