Husband and wife own a Marina. They purchase the building next door - an 8 unit apartment. The purpose was to purchase the apartment but collateral is the marina. Does this still go on the HMDA LAR?
Thank you

NO. Collateral must be a dwelling.

HMDA is purpose driven, with collateral being an issue in many cases. Your case meets the purchase part, but not the secured by dwelling part.

(d) Dwelling means a residential structure (whether or not attached to real property) located in a State of the United States of America, the District of Columbia, or the Commonwealth of Puerto Rico. The term includes an individual condominium unit, cooperative unit, or mobile or manufactured home.

(h) Home purchase loan means a loan secured by and made for the purpose of purchasing a dwelling.