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#260651 - 10/25/04 01:02 PM HMDA-facility for wards of the state
Bartman Offline
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Bartman
Joined: Oct 2000
Posts: 1,191
Springfield
Tough one to classify - we have a commercial loan on a 52-bed facility that is home to mentally-challenged individuals. It's similar to a nursing home in that medical care is provided on-site. The residents don't have homes elsewhere (making it dis-similar to a dormitory).

The facility operates under a contract with the state, but is privately owned & operated. Residents live there permanently, unless their condition deteriorates to the point where they need 24-hour care.

It qualifies as a non-owner-occupied refinance - but is this a HMDA-reportable deal?
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Lending Compliance
#260652 - 10/25/04 02:32 PM Re: HMDA-facility for wards of the state
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,814
As long as it's their permanent residence, I would report it. Nursing homes are also used as temporary housing for their rehab services.

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