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#2245731 - 11/20/20 04:13 PM Is this HMDA Reportable
Somer Offline
Junior Member
Joined: May 2013
Posts: 43
I have a loan to a developer where 4 residential properties are the collateral. 3 of the properties will be sold and the 4th property is the guarantor's primary resident. The purpose of the funds were for construction cost overruns on the 3 residential properties that are being sold.

I was originally thinking that loan would not be HMDA reportable under temporary financing, because the loan is a construction loan to developer to build and sell. I am hung up on the fact that we also took the guarantor's primary residence as additional collateral due to LTV/CLTV ratios.

Please advise if is HMDA as Home Improvement or not HMDA reportable.

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#2245755 - 11/20/20 07:45 PM Re: Is this HMDA Reportable Somer
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 8,772
OK
The presence of an additional piece of collateral in the form of the builder's primary residence doesn't change the exemption.....still exempt and not reportable.
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