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Borrower Isn't Homeowner, HMDA Reportable?
by Jim Bedsole, BOL Guru
Guru Bios
Question: If a borrower is getting a loan for roof repairs on a house he lives in but doesn't own (his father owns it) is it HMDA reportable?
Answer: If the loan is secured by a dwelling (not necessarily the one being improved) and the loan is for home improvement purposes (roof repair would fit), then it is HMDA reportable regardless of whether the borrower owns the dwelling or not.
If the loan is not secured by a dwelling, then the loan will only be reportable if your institution classifies the loan as a home improvement loan. If you classify the loan as a home improvement loan, you would need to report it even if the borrower doesn't own the home.
First published on BankersOnline.com 10/02/06
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