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#1546270 - 05/05/11 01:27 PM Home Improvement-Line of credit
ougirl Offline
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ougirl
Joined: Apr 2009
Posts: 49
oklahoma
Have a loan for a line of credit to a commercial customer that is to make improvements to dwelling and then to sell home. Compliance One says this is HMDA reportable. But a line of credit loan we did last week to refi- a line of credit secured by a dwelling was not HMDA reportable. Is this correct? Also, if this is true...I have 3 borrowers - how do I show 3 on the government monitoring section?

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#1546280 - 05/05/11 01:35 PM Re: Home Improvement-Line of credit ougirl
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,707
Bloomington, IN
Quote:
Have a loan for a line of credit to a commercial customer that is to make improvements to dwelling and then to sell home.


This sounds like a draw note and not an open-end LOC therefore it would not be exempt.

In the case of more than two borrowers you report the first two on the LAR, however you retain the GMI for all borrowers in the file.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1546371 - 05/05/11 02:17 PM Re: Home Improvement-Line of credit Dan Persfull
ougirl Offline
Junior Member
ougirl
Joined: Apr 2009
Posts: 49
oklahoma
Thank you!

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