Reporting Home Improvement Loans -- PCi

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Reporting Home Improvement Loans
Christina Speh, EVP Business Development

Question: Client is requesting a $13,000 home improvement loan paying off an unsecured $3,000 home improvement loan with additional funds of $10,000 for new improvements. This is not reportable in 2004 as a refinance. Should it be reported as a home improvement loan or not reported under HMDA at all.

Answer: If the loan is a home equity loan, and if the institution is reporting home equity loans, then they should report the loan as an originated home improvement loan. If the loan is unsecured by residential real estate, then it is not reportable under HMDA.

First published on BankersOnline.com 9/2/03

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