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#1123401 - 02/05/09 02:24 PM Home Improvement or not
RegsRfun Offline
Junior Member
Joined: Feb 2008
Posts: 27
Floating in compliance land...
A customer takes out a loan to fence in their backyard. I'm thinking this should be coded as HI since it is an improvement to the real property...just looking for a second opinion.

Thanks!!

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#1123405 - 02/05/09 02:26 PM Re: Home Improvement or not RegsRfun
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,400
It's a lien on the property to improve the property so yes, it's HI.

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#1123426 - 02/05/09 02:34 PM Re: Home Improvement or not Truffle Royale
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
As TR says if the loan is dwelling secured it is reportable. If it is not dwelling secured then it must also be classified as a HI loan for it to be reportable.
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The opinions expressed are mine and they are not to be taken as legal advice.

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