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#420688 - 09/09/05 05:34 PM HMDA or Not?
Piano Man Offline
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Piano Man
Joined: Mar 2004
Posts: 442
Down South
We have a new loan for home improvement secured by a third party's real estate land only. Is this reportable? My first guess was yes, but then the land only threw me. Any suggestions?
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#420689 - 09/09/05 05:38 PM Re: HMDA or Not?
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
Home Improvement loans are reportable, secured or not.

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#420690 - 09/09/05 05:48 PM Re: HMDA or Not?
Piano Man Offline
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Piano Man
Joined: Mar 2004
Posts: 442
Down South
I realize that home improvement loans are reportable. I guess my question needs to be, what is my property type since it is secured by land? Do I contact the customer and ask what they live in and report property type based on what they say and use the property location for the land? I just want to get this right because I have never had one like this before
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#420691 - 09/09/05 05:49 PM Re: HMDA or Not?
Cowboys Fan Offline
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Joined: Dec 2002
Posts: 4,599
SC
I would disagree with this. HI loans secured by a dwelling are reportable. HI loans that are not secured by a dwelling are only reportable if your institution classifies these loans as HI; otherwise they are not.
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#420692 - 09/09/05 05:53 PM Re: HMDA or Not?
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,967
Bloomington, IN
Quote:

Home Improvement loans are reportable, secured or not.




Not necessarily.

Dwelling secured loans for the purpose of HI are reportable regardless how you classify them. Unless a portion of the proceeds are to purchase a dwelling then it would be reported as a purchase transaction.

Non-dwelling secured loans are only reportable if the loan's purpose is for HI AND the financial institution classifies the loan as a HI loan.
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#420693 - 09/09/05 06:33 PM Re: HMDA or Not?
Piano Man Offline
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Piano Man
Joined: Mar 2004
Posts: 442
Down South
Did anyone answer my question? Which property do I report?
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Love so amazing, so divine; Demands my soul, my life, my all.

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#420694 - 09/09/05 06:37 PM Re: HMDA or Not?
JSD Offline
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JSD
Joined: Oct 2000
Posts: 512
USA
Home Improvement loans get the property address that is being improved reported.

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#420695 - 09/09/05 06:45 PM Re: HMDA or Not?
Anonymous
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Thank you!!!

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#420696 - 09/09/05 07:06 PM Re: HMDA or Not?
#12 Offline
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Joined: Jun 2005
Posts: 1,338
But, if I'm following your thread correctly, your loan is not secured by a dwelling. So unless your institution classifies this as a home improvement loan, it's not HMDA reportable.
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#420697 - 09/09/05 07:47 PM Re: HMDA or Not?
hmdagal Offline
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hmdagal
Joined: Dec 2002
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And IF you classify it as a home improvement loan and report it, your lien status will be '3' for 'not secured by a dwelling'.

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#420698 - 09/09/05 09:56 PM Re: HMDA or Not?
#12 Offline
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Joined: Jun 2005
Posts: 1,338
Good point...I forgot about that code!
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