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CD Secured Loan & the LAR
Answer by Dan Persfull, BOL Guru
Guru Bios
Question: Does a CD secured loan have to be reported on the Loan Application Register? Is a GEO coding necessary? If so, what address is used?
Answer: Since you do not stipulate whether your loan is a home purchase, home improvement or a refinancing, the answer is "it depends." You can find your answer simply by going to Reg C's 203.2 and reading the definitions of a home purchase, home improvement and refinancing. If your loan does not meet one of these definitions then it is not reportable.
First published on BankersOnline.com 11/05/07
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