What's everyone's take on the reportability of short term rentals?
I have always categorized these as 'Transitory' and therefore not reportable... IF and only if they are underwritten as short term rental. (If the client is going to rent the property; but could be short term or could be long term - whatever seems better to them at the moment - I count them.)
HOWEVER, I want to check and see if this seems in line with what others are doing/current HMDA interpretation; as this will make a difference in whether we are a HMDA reporting bank in 2022. (We are less than 10 off of the threshold in 2021; and we definitely did more than 10 of these.)
(also; I don't know why, but the search feature doesn't work for me - never has. Always just tells me the form has become outdated and to resubmit.... but resubmitting yields the same result. So when I look for an answer on here I just end up paging through. I wish I COULD search!)
#2264310 - 01/05/2204:18 PMRe: Short Term rentals/reportable? dutchbltz
raitchjay
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
I should have said that differently....what i meant to say is....use google and type in "bankers online hmda transitory housing" (or however you want to word it). That works well.
#2264876 - 01/19/2204:21 PMRe: Short Term rentals/reportable? dutchbltz
Compliance NABW
Diamond Poster
Joined: Oct 2015
Posts: 1,668
Originally Posted by dutchbltz
Thanks!
(also; I don't know why, but the search feature doesn't work for me - never has. Always just tells me the form has become outdated and to resubmit.... but resubmitting yields the same result. So when I look for an answer on here I just end up paging through. I wish I COULD search!)