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#2002188 - 03/17/15 08:19 PM HMDA Reportable or not??
Catm1991 Offline
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Joined: Jul 2014
Posts: 194
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If a customer wants to purchase a motel and use their primary residence as collateral as well as the motel, would this be HMDA reportable as a purchase and use the residence as the property?

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#2002192 - 03/17/15 08:25 PM Re: HMDA Reportable or not?? Catm1991
raitchjay Online
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Joined: Oct 2009
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OK
No, a motel doesn't qualify as a dwelling for HMDA purposes, so you'd have no HMDA purpose (purchase, refinance, home improvement) associated with your loan, unless (you don't mention this in your post) there is an existing loan secured by the dwelling that you would refinance for the purchase of the motel. Even in that case though, your purpose would be a refinance, not a purchase.
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#2002197 - 03/17/15 08:31 PM Re: HMDA Reportable or not?? Catm1991
Catm1991 Offline
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Joined: Jul 2014
Posts: 194
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Ok. Thank you so much. I was thinking it would not be HMDA reportable since it is a motel, but I wasn't sure. Thanks again.

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