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#901819 - 02/07/08 09:56 PM MECA - home improvement
complyorelse Offline
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Joined: Nov 2007
Posts: 442
U.S.
A mortgage modification was done for a future advance. The funds will be used to complete construction of a home that has been built out of pocket thus far. Is it HMDA reportable as a home improvement loan since we know it is for the improvement of the real property? It was not originally HMDA reportable because the funds were being used for an unrelated business purpose.

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#901821 - 02/07/08 09:57 PM Re: MECA - home improvement complyorelse
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,855
Bloomington, IN
Modifications are not reportable regardless of the purpose of any new money.
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The opinions expressed are mine and they are not to be taken as legal advice.

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