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#1454323 - 10/12/10 08:49 PM HMDA Reportable?
Anonymous
Unregistered

We are having a debate as to whether or not a Revolving line of Credit to a business entity (collateral is residential property) for the purpose of home purchase or home improvement HMDA reportable?

We know that Home Equity Lines of credit (which are to consumer not business) are at the option of the bank.

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#1454324 - 10/12/10 08:50 PM Re: HMDA Reportable? Anonymous
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
Does your bank report HELOCs?
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#1454326 - 10/12/10 08:54 PM Re: HMDA Reportable? Anonymous
manimal Offline
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manimal
Joined: Feb 2008
Posts: 2,207
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Have you tried working through the BOL Flowchart for HMDA Loans? http://www.bankersonline.com/compliance/2004_HMDA_Flowchart.pdf

You will notice that the flowchart does not limit lines of credit to just HELOCS. (Then follow your institution's policy of whether or not to report LOCs.)

Hopefully this helps you!
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#1454329 - 10/12/10 08:57 PM Re: HMDA Reportable? manimal
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
All open-end lines of credit are optional reporting.


http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=1350972
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