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#1999600 - 03/03/15 09:47 PM HOA Pool Home Improvement Reportable?
bmcLark Offline
Junior Member
Joined: Mar 2012
Posts: 29
A loan is made by a Home Owners association for improvements to an Inground pool and grounds surrounding. Condo buildings. This HOA is an optional amenity, and not all condo owners opted to join. Is this reportable HMDA HI funds??

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#1999641 - 03/03/15 11:59 PM Re: HOA Pool Home Improvement Reportable? bmcLark
CompBanker0613 Offline
Member
CompBanker0613
Joined: May 2014
Posts: 63
Is the loan dwelling secured?
If not dwelling secured, does your institution report non-dwelling secured Home Improvement loans?
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#1999943 - 03/05/15 03:38 PM Re: HOA Pool Home Improvement Reportable? bmcLark
JC (Darth HMDA) Offline
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JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
Agree with Comp. If secured by a dwelling, this is HMDA reportable. If unsecured/UCC secured - we would not report as HMDA (unless you have a special classification for Home Improvement Loans).
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#1999945 - 03/05/15 03:43 PM Re: HOA Pool Home Improvement Reportable? bmcLark
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
Just wondering (rhetorically). What condo owner(s) would pledge their condo(s) as security for the HOA loan? I've never known a HOA to actually own a home/dwelling.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1999998 - 03/05/15 06:30 PM Re: HOA Pool Home Improvement Reportable? bmcLark
bmcLark Offline
Junior Member
Joined: Mar 2012
Posts: 29
We do report unsecured Home Improvement loans. This is to improve the pool and is on the grounds of the association, but not all condo owners opted in to this amenity. If an individual made improvemnts to their landscape/pool, we would report, but since this is a loan to an entity, the pool HOA, we were not sure.

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