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Is a HI Loan Secured by Auto HMDA Reportable?
Jim Bedsole and Dan Persfull, BOL Gurus
Guru Bios
Question: Is a home improvement loan, that is secured by an automobile, HMDA reportable? The purpose on the application is noted as home improvement and the improvements are being done on owner-occupied property?
Answer by Jim Bedsole: Loans for home improvement purposes that are not secured by a dwelling are only reportable for HMDA purposes if the institution classifies such loans on its books as home improvement loans. If you classify such loans as auto loans, consumer - non-real estate secured, or some other classification that is not home improvement loans it would not be reportable.
Answer by Dan Persfull: The loan does not have to be classified as a HI loan on their books. They just simply have to classify the loan as a HI loan. Although doing so on the books is the most common it can also be done by file segregation, color folders, etc. If someone asks them to identify all their non-dwelling secured HI loans and they can do so, then they have classified the loan as a HI loan and it would be reportable.
First published on BankersOnline.com 8/21/06
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