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#2011063 - 04/29/15 07:01 PM Property location - use collateral or house?
morirse de risa Offline
100 Club
Joined: Feb 2009
Posts: 238
Midwest
We did an ag loan where we used 80 acres (plus a rental house located on the 80) as collateral. The customer took a cash out refinance and purchased a new principal dwelling on 5 acres. We are not using the purchase property as collateral. What property location do I use for HMDA reporting?

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#2011067 - 04/29/15 07:10 PM Re: Property location - use collateral or house? morirse de risa
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,423
Bloomington, IN
Purchase and Refinance - report the property securing the loan.

Home Improvement - report the property being improved.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2011070 - 04/29/15 07:16 PM Re: Property location - use collateral or house? morirse de risa
morirse de risa Offline
100 Club
Joined: Feb 2009
Posts: 238
Midwest
Thanks for your help!

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