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Are Ag Loans HMDA Reportable?
Dan Persfull, BOL Guru
Guru Bios
Question: With the new definition of refinance loans being collateral driven only, does that mean that Agricultural Purpose loans that have a dwelling on them need to be reported as well? We have agricultural loans that involve 100-5000 acres where the dwelling is a very small portion of the property. Are these types of loans HMDA reportable when they are being refinanced?
Answer: Yes. The small farm loan exemption in HMDA only applies to purchases, not refinancing or home improvements.
First published on BankersOnline.com 6/05/06
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