Is this Car Loan Subject to HMDA Reporting?
by Dan Persfull, BOL Guru Guru BIOS
Question: I have an application for $1500.00 and it is to repair their mobile home. Collateral to secure the loan is an automobile. Is this subject to HMDA reporting?
Answer: A loan, not secured by a dwelling, must be for the purpose of home improvement and classified as a home improvement loan by the lending institution.
If you classify this loan as an auto loan, it would not be reportable.
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