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#425462 - 09/20/05 07:40 PM Sewer Lines
WormUNB4L Offline
Gold Star
Joined: Jul 2005
Posts: 250
I recently had a customer apply for a loan to repair a broken sewer line on their primary residence. The loan was to be secured by a car. I was just curious as to whether or not you would consider this a home improvement.

Just as an aside, we decided to classify it as a home improvement loan and therefore reported the HMDA information, but I was just curious as to what other banks would do in this situation.


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#425463 - 09/20/05 08:50 PM Re: Sewer Lines
Beagles22 Offline
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Joined: Jan 2004
Posts: 3,626
State of confusion
We would classify it as home improvement.
Going to church doesn't make you a christian any more that standing in your garage makes you a car.

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#425464 - 09/20/05 10:23 PM Re: Sewer Lines
Cowboys Fan Offline
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#425465 - 09/20/05 11:31 PM Re: Sewer Lines
HRH Dawnie Offline
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HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
We did a bunch of them a few years ago, but they were unsecured. We didn't claisfy them as home improvement deals. The guarantor was the utility company, with the loan in the name of the property owner.
Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

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