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#1476374 - 12/06/10 04:02 PM HMDA Reportable?? Help!
Soccer Offline
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Is a loan to a tenant of an apartment for the purchase of a spa reportable? I say no on both accounts, the tenant is not the owner of the real property and no to reporting the spa because it is not a permanent fixture.
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#1476375 - 12/06/10 04:05 PM Re: HMDA Reportable?? Help! Soccer
RR Becca Offline
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RR Becca
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out of the frying pan...
If it's a "plop and plug" model, like a washer or dryer, I would say no. If it's a built-in and requires professional installation, yes.
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#1476384 - 12/06/10 04:12 PM Re: HMDA Reportable?? Help! RR Becca
Soccer Offline
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So a tenant could have a home improvement loan even though they are not the owner and this would be reportable?
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#1476386 - 12/06/10 04:16 PM Re: HMDA Reportable?? Help! Soccer
RR Becca Offline
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RR Becca
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out of the frying pan...
I know of nothing in the reg that requires the borrower to also be the property owner to qualify a loan as home improvement.

We've had it happen that a tenant got the loan to....oh, say, put down new carpet....a couple of times. Pretty rare though.
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#1476406 - 12/06/10 04:35 PM Re: HMDA Reportable?? Help! RR Becca
hmdagal Offline
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Because this is home improvement, remember that the loan either has to be secured by a dwelling (not necessarily the dwelling being improved) or has to be classified as a home improvement loan (if you classify and report unsecured home imp loans).

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#1476407 - 12/06/10 04:36 PM Re: HMDA Reportable?? Help! hmdagal
RR Becca Offline
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RR Becca
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out of the frying pan...
plus what she ^^^ said. wink
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#1476419 - 12/06/10 04:43 PM Re: HMDA Reportable?? Help! RR Becca
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Ok Thanks!
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