Thread Options
#2259527 - 09/10/21 03:24 PM HMDA reportable???
bowlngirl Offline
Junior Member
Joined: Sep 2008
Posts: 25
Customer is getting a loan to pour foundation on land he already owns. He will then move in a modular home which he already owns as well. Is this HMDA reportable and what would the loan purpose be?????

Return to Top
HMDA

   
HMDA Academy
#2259548 - 09/10/21 05:09 PM Re: HMDA reportable??? bowlngirl
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,668
OK
Not reportable in my opinion. Definitely not purchasing a home or refinancing a home. Some might make the argument for home improvement i suppose, but i don't think that flies since the home won't even sit on the property until AFTER your loan proceeds are applied (in other words, it isn't improving the real property on which the dwelling is located, because the dwelling isn't located there).
_________________________
I'm fixin' to fix that.

Return to Top
#2259549 - 09/10/21 05:10 PM Re: HMDA reportable??? bowlngirl
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,668
OK
(You don't mention what your collateral is, but i assumed the home to be part of the collateral...otherwise, the question would be moot anyway.)
_________________________
I'm fixin' to fix that.

Return to Top
#2259557 - 09/10/21 05:40 PM Re: HMDA reportable??? bowlngirl
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,668
OK
Well....i see that i was operating on my old HMDA brain again. If this loan would indeed be secured by the modular home, it WOULD be reportable....as an "other" in my opinion (assuming that this is a consumer purpose loan). Sorry for the memory lapse.
Last edited by raitchjay; 09/10/21 05:41 PM.
_________________________
I'm fixin' to fix that.

Return to Top
#2259559 - 09/10/21 05:44 PM Re: HMDA reportable??? bowlngirl
bowlngirl Offline
Junior Member
Joined: Sep 2008
Posts: 25
The collateral will be the land. I have a call in to see if we will be taking the modular as well.
Last edited by bowlngirl; 09/10/21 05:45 PM.
Return to Top
#2259561 - 09/10/21 05:47 PM Re: HMDA reportable??? bowlngirl
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,668
OK
I believe in most all states, modular homes aren't titled.....so you would by definition (unless your state is different, and the modular home is and will remain titled, and you won't have a security interest in it) have a security interest in the dwelling too. So i hold to my opinion in my last post.....reportable as "other". I feel pretty certain there are going to be those who argue for "home improvement".
_________________________
I'm fixin' to fix that.

Return to Top
#2259562 - 09/10/21 05:49 PM Re: HMDA reportable??? bowlngirl
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,668
OK
And honestly.....i might could be swayed to HI.....i can see the argument.
_________________________
I'm fixin' to fix that.

Return to Top

Moderator:  SMQ, CRCM