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#1985721 - 12/30/14 10:49 PM
Reportable?
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100 Club
Joined: Nov 2009
Posts: 179
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We have a loan I could use some input on. It is for construction with permanent financing of a 2,504 square feet home containing 6 bedrooms and 2.5 bath rooms with a kitchen, dining area, great room, and laundry. Our borrower will be leasing the property to another company that will be operating a residental care facility (adult foster care). I am attempting to get more information regarding the details of the operation but assuming it operates as an assisted living facility I think it is HMDA reportable.
If so the question then becomes do we report it as 1-4 family or multifamily. It would be sold as a SFR if it were not being used as a care facility but since there could be 6 different unrelated people living in the home would 1-4 family be correct?
_________________________
"The mountains are calling and I must go." - John Muir
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#1985943 - 12/31/14 11:16 PM
Re: Reportable?
Derwood
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100 Club
Joined: Nov 2009
Posts: 179
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Thanks David. I will be asking for more information from the loan officer regarding the planned usage. It was unclear from our original discussion whether it would operate like a nursing home or more like a retirement home. It may well fall under transitory housing.
_________________________
"The mountains are calling and I must go." - John Muir
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#1985973 - 01/02/15 02:45 PM
Re: Reportable?
Kathleen O. Blanchard
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10K Club
Joined: Jul 2003
Posts: 17,400
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I googled 'are nursing homes HMDA reportable' and got a bunch of hits. Here's one of numerous threads that might shed some like on your topic once you answer the question of transitory.
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#1986050 - 01/02/15 05:31 PM
Re: Reportable?
Derwood
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Diamond Poster
Joined: Dec 2013
Posts: 1,399
CA
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I agree with JSD and Kaybee. We determine whether this will be the occupants primary residence, or transitory housing. If it will be their primary residence then we would report this as HMDA.
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.
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#1986276 - 01/05/15 05:00 PM
Re: Reportable?
Derwood
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100 Club
Joined: Nov 2009
Posts: 179
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I looked at the other threads and that Sept 2000 Q&A prior to posting. I agree that it all comes down to how the facility is being used. We will have to make that determination. I was mostly concerned with the 1-4/multi family question which I think Kaybee answered when she pointed out these aren't seperate units.
_________________________
"The mountains are calling and I must go." - John Muir
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