#1310941 - 12/21/0910:58 PMUnsecured then to primary res - HMDA reportable?
dg
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
If a customer applies for an unsecured loan to pay off credit cards and the loan committee counteroffers to make the loan with a security taken in her primary residence and the customer declines the counteroffer is this HMDA reportable?
No. They did not apply for a HMDA applicable loan. Even if they did accept your counter-offer, this isn't HMDA (not a purchase, home improvement or refinance).