I could use an opinion on how to treat this loan.
A loan was booked as unsecured. However, before the loan closed, a residence became known that we would like as security. So the loan was booked, unsecured, and two weeks later we added the collateral. No extension of maturity.
Normally collateral added during the term of the loan with no maturity extension would be considered a modification and not HMDA-reportable. But, since this one has the addition of the collateral noted in some correspondence before the loan closed, I am wondering if I should consider the loan secured and report it.
I have been flipping a coin on this one.
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My comments and opinions are my own, not my employer's.