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#2121997 - 03/15/17 01:17 PM HMDA Reportable??
rrush Offline
Member
Joined: Dec 2011
Posts: 74
We have a loan to a consumer (for a consumer purpose) secured by a dwelling that will be paying off a short term (non-reportable unsecured) loan that was used for home improvement and to pay off credit cards. I believe this loan is not HMDA reportable because the original loan being paid off was not secured by a dwelling - am I correct? I should know this answer but something about it is making me feel unsure

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#2122001 - 03/15/17 01:31 PM Re: HMDA Reportable?? rrush
Island Dreaming Offline
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Joined: May 2009
Posts: 215
midwest
It isn't reportable under the current rules but would be under the 2018 rules.
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#2122077 - 03/15/17 04:35 PM Re: HMDA Reportable?? Island Dreaming
rrush Offline
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Joined: Dec 2011
Posts: 74
thank you

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#2122138 - 03/15/17 07:28 PM Re: HMDA Reportable?? rrush
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
rrush is correct. This is a home equity loan. As you say, it also doesn't meet the definition of "refinance" because the old loan was not dwelling secured.
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