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#1884354 - 01/08/14 08:46 PM Home Improvement on Rentals
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We have a loan that is secured by the primary residence with a loan purpose of making improvements on rental property. Only the primary residence was taken as collateral. Do you report on HMDA a loan secured by one dwelling to improve another dwelling and which do you report in the property type?

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#1884364 - 01/08/14 08:58 PM Re: Home Improvement on Rentals HR Banker
manimal Offline
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I believe you would report the home being improved... but someone please correct me if I'm wrong.
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#1884368 - 01/08/14 09:00 PM Re: Home Improvement on Rentals HR Banker
manimal Offline
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Here we go! From the commentary:

Paragraph 4(a)(9).
1. Property location--multiple properties (home improvement/ refinance of home improvement). For a home improvement loan, an institution reports the property being improved. If more than one property is being improved, the institution reports the location of one of the properties or reports the loan using multiple entries on its HMDA/LAR (with unique identifiers) and allocating the loan amount among the properties.
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#1884376 - 01/08/14 09:07 PM Re: Home Improvement on Rentals manimal
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Thanks. I had looked through the GIR but didn't find that.

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#1884395 - 01/08/14 09:27 PM Re: Home Improvement on Rentals HR Banker
manimal Offline
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That was the first place I looked too. smile
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