QUESTION: We have an application for a loan to purchase a residence which is secured by another dwelling owned by the applicant. What do we record in the property location section of the HMDA LAR?
ANSWER: You report the property location for the property in which the security interest is to be taken.
QUESTION: Our bank made a permanent construction loan to build a vacation home which is secured by commercial property. Do we record this in the HMDA LAR?
ANSWER: No. The regulation states information is collected for two categories of loans: home purchase and home improvement loans. A home purchase loan is defined as any loan secured by and made for the purpose of purchasing a dwelling.
QUESTION: Do you record the principal amount or amount financed on the HMDA LAR?
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