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#2282332 - 03/16/23 08:22 PM LOC for Working Capital - Home Improvements
HMDA Chic Offline
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Joined: Dec 2015
Posts: 14
First time scenario for us - we have a dwelling secured business LOC that will be used for working capital - however, those funds are for a residential carpet cleaning company. Would this be HMDA reportable as home improvement?

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#2282334 - 03/16/23 08:42 PM Re: LOC for Working Capital - Home Improvements HMDA Chic
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,486
Bloomington, IN
No.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2282498 - 03/22/23 03:44 PM Re: LOC for Working Capital - Home Improvements HMDA Chic
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
It is a business-purpose loan that doesn't meet the criteria for as home purchase, home-improvement, or a refinancing. Therefore, it is a loan that is exempt from reporting. Reference is § 1003.3(c)(10).
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John S. Burnett
BankersOnline.com
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