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#2235447 - 04/22/20 04:22 PM Home Improvement
t.lynch Offline
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Joined: May 2017
Posts: 5
I have an application for a home improvement short term loan. The borrower already owns the property and is using it as a rental. We are taking a different rental property as collateral. Would this be HMDA reportable? If so, would I use the address of the property that is collateralizing the loan or the address of the property the improvements are being done to?


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#2235449 - 04/22/20 04:38 PM Re: Home Improvement [Re: t.lynch]
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,017
Bloomington, IN
Short term loans are not exempt from reporting.

(9) The following information about the location of the property securing the covered loan or, in the case of an application, proposed to secure the covered loan:
The opinions expressed are mine and they are not to be taken as legal advice.

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#2235765 - 04/27/20 07:57 PM Re: Home Improvement [Re: t.lynch]
Andy_Z Offline
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Posts: 27,010
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You may have been confusing yourself when you think of a short term loan and a temporary loan, although the latter is typically a bridge or construction. (Review (3)(c)(3) 1,i-v)
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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