We have a borrower who is using their house in town as collateral to purchase a house in Mexico. The house here in town is fully paid for.
Is this HMDA reportable?
Also, we have another borrower who is building a house in Mexico and using their house in town that is fully paid for as collateral.
Is this HMDA reportable?
I believe it is HMDA reportable and it would be coded as a purchase.
Last edited by giants06; 03/21/11 02:27 PM.