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#1522476 - 03/16/11 04:15 PM Which property address is reported on HMDA?
complyyes Offline
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Joined: Apr 2006
Posts: 51
Midwest
We have a loan for the purchase of a dwelling (1-4 Family Property). The lender took another dwelling as collateral, not the property being purchased. Being that HMDA is purpose driven for the purchase to be reported, do we use the property address of the purchased property or the collateral property address on the HMDA?

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#1522486 - 03/16/11 04:20 PM Re: Which property address is reported on HMDA? complyyes
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
For purchases or refinances you use the property taken as collateral. For home improvement you use the property being improved.
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#1522488 - 03/16/11 04:22 PM Re: Which property address is reported on HMDA? Skittles
complyyes Offline
Member
Joined: Apr 2006
Posts: 51
Midwest
This is a business loan. What if we already reported the first property as a purchase on the LAR? Not sure what the second property looks like if it isn't the collateral but would we double report the collateral property?

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#1522501 - 03/16/11 04:32 PM Re: Which property address is reported on HMDA? Skittles
complyyes Offline
Member
Joined: Apr 2006
Posts: 51
Midwest
This is a business loan. What if we already reported the first property as a purchase on the LAR? Not sure what the second property looks like if it isn't the collateral but would we double report the collateral property?

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#1522508 - 03/16/11 04:37 PM Re: Which property address is reported on HMDA? complyyes
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,281
Yes, that would be the correct reporting.
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