Thread Options
#1699109 - 05/14/12 01:48 PM Property Location
CaseyBoo30 Offline
Gold Star
Joined: Feb 2007
Posts: 262
Winchester, KY
I am not sure if I made this up in my head and took that to be truth or where it came from, but I thought I had a pretty good grip on how to report property location until now.

Much like property type (report the property to which the loan relates, loan to purchase mobile home secure by my principal 1-4 family dwelling, report property type as mobile home) I always thought of property location the same way. However after reading one paragraph in the Staff Commenatary in the Getting It Right, I am now doubting myself.

Property location—multiple properties (home purchase/refinance of home purchase). For a home purchase loan, an institution reports the property taken as security.

I have always considered the property "to which the loan or application relates" to be the property being purchased (or refinanced or improved). As in my property type example above, I purhchased a mobile home and secure with my principal residence. I would think I should report the property location of the mobile home. Am I completely off?

Return to Top
HMDA

   
HMDA Academy
#1699114 - 05/14/12 01:55 PM Re: Property Location CaseyBoo30
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
You are correct for improvement loans (report the property to which the loan relates), but for purchase and refi the property held as collateral is reported (as directed in your quote from the Commentary).
_________________________
You call it ADD. I call it multi-tasking.

Return to Top

Moderator:  SMQ, CRCM