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BankersOnline.com Forums Dodd-Frank Final Rules Discussions HMDA Overhaul 2018 Hmda Reportable as Other Purpose?
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#2224983 - 11/01/19 05:13 PM Hmda Reportable as Other Purpose?
laf0915 Offline
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Joined: May 2006
Posts: 236
We have a loan to purchase acreage (no house) to be used as recreational hunting ground. It is secured by the property being purchased along with being cross collateralized with a tract of land that has a 2nd residence on it. All funds to be used for purchase of the recreational ground. I think that I would report this as "Other" purpose......is that correct?

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#2224984 - 11/01/19 05:16 PM Re: Hmda Reportable as Other Purpose? laf0915
raitchjay Offline
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Joined: Oct 2009
Posts: 9,108
OK
Yes.
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#2224998 - 11/01/19 06:06 PM Re: Hmda Reportable as Other Purpose? laf0915
Mountaineers_Fan Offline
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Joined: Jun 2018
Posts: 100
Spot on. It sounds like it'd be Other Purpose.

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#2225044 - 11/04/19 02:52 PM Re: Hmda Reportable as Other Purpose? laf0915
Melissa S Offline
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Melissa S
Joined: Jan 2015
Posts: 374
Maine
My only thought here, is whether this is a commercial loan. Commercial loans do not have an "Other" purpose and are only HMDA reportable if the loan purchases, refinances or improves a residential property.
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#2225045 - 11/04/19 03:13 PM Re: Hmda Reportable as Other Purpose? laf0915
raitchjay Offline
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Joined: Oct 2009
Posts: 9,108
OK
Since the original post said that it was to be used as "recreational hunting ground", it sounded consumer purpose to me.
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