Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums HMDA Purchase or Improvement?
Thread Options
#2223806 - 10/16/19 05:09 PM Purchase or Improvement?
Banker57 Offline
Gold Star
Joined: Jul 2010
Posts: 439
Minnesota
Loan on property with a mobile home on it. Only taking land as the collateral. Funds will be used to pay off contract for deed and to build a shed. Would this be reported as purchase or home improvement?

Return to Top
HMDA

   
HMDA Academy
#2223807 - 10/16/19 05:13 PM Re: Purchase or Improvement? Banker57
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
Not dwelling secured. HMDA does not apply.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2223870 - 10/17/19 12:36 PM Re: Purchase or Improvement? Banker57
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,658
I agree with Dan. You don't have a dwelling as collateral, so this isn't HMDA reportable.
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

Return to Top

Moderator:  SMQ, CRCM