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#2015027 - 05/19/15 07:08 PM Construct Shop=Home Improvement?
Combustible Offline
Diamond Poster
Joined: Dec 2008
Posts: 1,268
Borrower to construct a "shop" on land holding primary residence. Would this be considered Home Improvement"? This is not a shop as in "commercial", just looks like a man-cave type of shop. I'm thinking Home Improvement on terms of the property being worth more after it's built compared to when just the primary residence was on the land.

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Lending Compliance
#2015029 - 05/19/15 07:12 PM Re: Construct Shop=Home Improvement? Combustible
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 8,733
OK
We have similar loans here and yes, i report them as HI for HMDA, so long as they aren't temporary financing.
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#2015072 - 05/19/15 08:59 PM Re: Construct Shop=Home Improvement? Combustible
NSF, CRCM Offline
Gold Star
NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
Agreed. We report them as HI for HMDA as well.
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It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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