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#2105508 - 11/01/16 06:45 PM Multiple Purpose Loan
TryingtoComply Online
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Joined: Apr 2013
Posts: 1,827
The West
We made a loan to purchase a residential care facility and the stock of the company. The proceeds will be used as follows: residential home ($474,500); the company stock ($286,000) and closing costs. We report the full amount of the loan, right?
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#2105545 - 11/01/16 07:55 PM Re: Multiple Purpose Loan TryingtoComply
Darth HMDA, CRCM, CAMS Offline
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Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,385
CA
If it is one loan and by residential care facility you mean a long-tem care facility in which the tenants use the facility as their primary residence (and not a transitory residence) than we would report the whole loan.
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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#2105546 - 11/01/16 07:56 PM Re: Multiple Purpose Loan TryingtoComply
Darth HMDA, CRCM, CAMS Offline
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Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,385
CA
assuming this is also secured by the "dwelling" being purchased
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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#2105567 - 11/01/16 08:49 PM Re: Multiple Purpose Loan TryingtoComply
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
If you have determined the real estate is residential, the loan is a purchase for HMDA provided it is secured by any dwelling as defined under HMDA.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#2105568 - 11/01/16 08:49 PM Re: Multiple Purpose Loan TryingtoComply
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
And yes report the full amount.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#2105574 - 11/01/16 09:12 PM Re: Multiple Purpose Loan TryingtoComply
TryingtoComply Online
Diamond Poster
Joined: Apr 2013
Posts: 1,827
The West
Yes, residents live their full time and yes loan was secured by the SFR. Thank you Kathleen. smile
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