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#2232116 - 03/02/20 03:19 PM HOME RENOVATION HMDA REPORTABLE?
debbie sluder Offline
Member
Joined: Oct 2011
Posts: 50
We have a situation with the overhaul of HMDA we are a little confused. Our client purchases a home and renovates it with his personal money. After the renovation is completed he applies for a loan in his business name, purpose is to reimburse his self of the monies he spent out of pocket. These are rental properties, he owns about 150 homes. Would this be HMDA reportable?
Last edited by Truffle Royale; 03/04/20 04:30 PM. Reason: edited thread title
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#2232119 - 03/02/20 03:30 PM Re: HOME RENOVATION HMDA REPORTABLE? debbie sluder
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 76,717
Galveston, TX
See:

Official Interpretation

Paragraph 3(c)(10)

Equity out loans are not covered transactions.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2232295 - 03/04/20 04:07 PM Re: HOME RENOVATION HMDA REPORTABLE? debbie sluder
Beachbum Offline
Junior Member
Joined: Jul 2018
Posts: 39
We have a loan secured with one manufactured home park with 17 pads and 1-4 single family residence in two different counties. How would we report the number of units in HMDA and what address?

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#2232298 - 03/04/20 04:14 PM Re: HOME RENOVATION HMDA REPORTABLE? Beachbum
Melissa S Offline
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Melissa S
Joined: Jan 2015
Posts: 278
Maine
Beachbum - you should pose this questions as it's own separate post to the Forum. It has nothing to do with the thread you have tacked onto, so you may not get as many responses as you otherwise would as a separate post.
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#2232306 - 03/04/20 04:31 PM Re: HOME RENOVATION HMDA REPORTABLE? debbie sluder
Truffle Royale Offline

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