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#2143484 - 08/24/17 05:28 PM Unsecured, HI, temporary or short term
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Unsecured note for the purchase of a 2nd home and the renovations of that purchased home. The term is 17 months and the repayment source is bonus income. I am thinking that this is short term and that it is reportable as a Home Improvement loan. What say the gallery?

On the HMDA Overhaul, I am thinking this would not be reportable at all as it is not secured by a dwelling. Would that be an accurate assessment as well?
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#2143489 - 08/24/17 05:47 PM Re: Unsecured, HI, temporary or short term Bec
RR Becca Offline
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RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
I agree on both points.
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#2143497 - 08/24/17 06:12 PM Re: Unsecured, HI, temporary or short term Bec
RR Joker Offline
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RR Joker
Joined: Nov 2002
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The Swamp
I agree if you currently report unsecured HI loans.
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#2143545 - 08/24/17 08:20 PM Re: Unsecured, HI, temporary or short term Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Thank you for the thoughts. And, yes we do report HI loans, great point by you.
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#2143548 - 08/24/17 08:29 PM Re: Unsecured, HI, temporary or short term Bec
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,016
Bloomington, IN
And, yes we do report HI loans

But do you report non dwelling secured HI loans?
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The opinions expressed are mine and they are not to be taken as legal advice.

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