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#1819260 - 05/31/13 06:12 PM Commercial Mortgage
dac Offline
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Joined: Sep 2009
Posts: 234
We have a loan request to purchase a residential property that will be converted to a place of worship. The bank will be in a first lien position. No one will be living at the property. Is this loan HMDA reportable?

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#1819484 - 06/03/13 02:52 PM Re: Commercial Mortgage dac
HMDA is my life Offline
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HMDA is my life
Joined: Nov 2006
Posts: 64
Montana
IMO this is not a purchase of a dwelling. This is a purchase of commercial property.

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#1819491 - 06/03/13 03:02 PM Re: Commercial Mortgage dac
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
If this property is already zoned to allow use as a place of worship and there is no chance of delay and use as rental residence pending zoning change, I would not treat this as HMDA reportable.
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