Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums HMDA Down Payment Loan
Thread Options
#1669015 - 02/23/12 06:15 PM Down Payment Loan
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
We did a loan for a down payment on investment property using customer's hunting cabin for collateral.

Is this HMDA reportable as a purchase?

Return to Top
HMDA

   
HMDA Academy
#1669037 - 02/23/12 06:31 PM Re: Down Payment Loan gunches
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,400
yes

Return to Top
#1669079 - 02/23/12 07:03 PM Re: Down Payment Loan gunches
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,658
It is secured by and made for the purpose of purchasing a dwelling. So yes, it is reportable as a purchase.
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

Return to Top
#1669255 - 02/23/12 10:35 PM Re: Down Payment Loan Adam Witmer
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
Even if we used real estate other than the property being purchased as collateral?

Loan is secured by his hunting cabin - proceeds used as down payment to purchase investment property elsewhere

Return to Top
#1669326 - 02/24/12 12:55 PM Re: Down Payment Loan gunches
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
Yes - it doesn't have to be the real estate purchased as collateral. You are making a loan to purchase real residential real estate secured by residential real estate.
_________________________
My Opinions Only

Return to Top
#1669362 - 02/24/12 02:10 PM Re: Down Payment Loan gunches
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,841
In this case, you'll report the property information for the collateral property (the hunting cabin).

Return to Top

Moderator:  SMQ, CRCM