Skip to content
BankersOnline.com for bankers. from bankers
BankersOnline.com
Training
Forums
Newsletters
Forms
Regulations
Tools
Services
Search form
Search this site
Home
Compliance
New
Top Stories Compliance
Related Sections
Training
Compliance Tools
OFAC Updates
Deadlines Calendar
Penalties
Regulations
Compliance Action
Courtwatch
Ask a Guru
Upcoming Conference
BOL Conferences
Premium Service
BankCompliance.com
Lending
New
Top Stories Lending
Related Sections
Training
Lending Tools
OFAC Updates
Penalties
Compliance Action
Courtwatch
Ask a Guru
Upcoming Conference
BOL Conferences
Operations
New
Top Stories Operations
Related Sections
Training
Operations Tools
OFAC Updates
Penalties
Courtwatch
Ask a Guru
Bankers' Hotline
Upcoming Conference
BOL Conferences
Security
New
Top Stories Security
Security Briefing
Related Sections
Training
Security Tools
Bank Robbery Suspects
Alerts & Counterfeits
OFAC Updates
Penalties
Courtwatch
Ask a Guru
Bankers' Hotline
Upcoming Conference
BOL Conferences
Technology
New
Top Stories Technology
Tech Talk
Related Sections
Training
Technology Tools
Penalties
Courtwatch
Ask a Guru
Bankers' Hotline
Forums
·
Active Threads
·
Forum Rules
·
Mark All Read
·
Log In
BankersOnline.com
Forums
Banker Forums
HMDA
Construction Loan for Business - HMDA
Thread Options
#2038582
-
09/15/15
06:08 PM
Construction Loan for Business - HMDA
PJL
Junior Member
Joined:
Jul 2008
Posts: 28
We have a request to construct a building for the customer's business on the same property that contains their existing primary residence. Is this request "home improvement" for HMDA or simply a business purpose loan not reported on the HMDA-LAR?
Return to Top
HMDA
#2038599
-
09/15/15
06:55 PM
Re: Construction Loan for Business - HMDA
PJL
Ski
Platinum Poster
Joined:
May 2003
Posts: 639
South Louisiana
I doubt that constructing a building to be used for the customer's business would be considered "home improvement".
I would not consider this reportable UNLESS the bank is taking the primary residence as collateral and then ONLY when it is refinanced.
Return to Top
#2038604
-
09/15/15
07:08 PM
Re: Construction Loan for Business - HMDA
PJL
PJL
Junior Member
Joined:
Jul 2008
Posts: 28
We would take the primary residence as collateral, as it is on the same property at the newly constructed building.
Return to Top
#2038660
-
09/15/15
09:32 PM
Re: Construction Loan for Business - HMDA
PJL
David Dickinson
10K Club
Joined:
Nov 2000
Posts: 18,762
Central City, NE
The purpose of the funds is not to improve the dwelling or the real property (dwelling related).
_________________________
David Dickinson
http://www.bankerscompliance.com
Return to Top
#2038673
-
09/15/15
10:35 PM
Re: Construction Loan for Business - HMDA
PJL
PJL
Junior Member
Joined:
Jul 2008
Posts: 28
Okay makes sense, thanks for your help!
Return to Top
#2040286
-
09/24/15
01:59 PM
Re: Construction Loan for Business - HMDA
PJL
swiggles
Power Poster
Joined:
Aug 2001
Posts: 7,351
I love BOL.....I was leaning the other direction!
_________________________
The more you sweat in training, the less you bleed in battle.......
Return to Top
Previous Thread
Index
Next Thread
Preview
Hop To
Special Instructions ------
Instructions for Accessing PRIV...
Dodd-Frank Final Rules Discussions ------
Regulation B Small Business Loa...
TRID - TILA/RESPA Integrated Di...
Ability to Repay/Qualified Mort...
Escrows on Higher-Priced Mortgages
HOEPA and Homeowner Counseling Rule
HMDA Overhaul 2018
Interagency (Reg Z) and CFPB Re...
Loan Originator Compensation Rule
Mortgage Servicing Rules
Remittance Transfer Rule
Banker Forums ------
Comments on Proposed Regulations
Article 9
Audit
BSA/AML/CIP/OFAC Forum
CRA
Deposits and Payments
Disaster Recovery
eBanking / Technology
Fair Lending
FCRA
Financial Reform
Flood Compliance
General Discussion
HMDA
Human Resources
Lending Compliance
Lending to Servicemembers (SCRA...
Marketing
Need to Remain Anonymous
Newbie Nook
Operations Compliance
Regulatory Rollback Forum
RESPA
Risk Management
S.A.F.E. Act Forum
Security - PUBLIC
State-Specific Compliance Issues ------
Other States - General
Puerto Rico
Arkansas
California
Colorado
Connecticut
Florida
Georgia
Illinois
Indiana
Iowa
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Ohio
Oklahoma
Pennsylvania
South Carolina
Tennessee
Texas
Virginia
Washington State
Washington, DC
Wisconsin
Wyoming
Non-Business Discussions ------
Chat! - BOL Watercooler
The BOL Couch
Moderator:
SMQ, CRCM
Print Thread
View Profile
Private Message
Follow User
Forum Posts
Like Summary
View Profile
Private Message
Website
Follow User
Forum Posts
Like Summary
View Profile
Private Message
Follow User
Forum Posts
Like Summary
View Profile
Private Message
Website
Follow User
Forum Posts
Like Summary
View Profile
Private Message
Follow User
Forum Posts
Like Summary
View Profile
Private Message
Follow User
Forum Posts
Like Summary