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#930287 - 03/26/08 01:35 PM Consumer Loans for Home Improvement
Luzmarie Offline
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Joined: Mar 2007
Posts: 18
This year we are going to start reporting our consumer loans for Home Improvements. But we have a question regarding the census track to be used. Do we report the census track for the home we are improving or do we report the property where the client lives? These are unsecured loans. For mortgage loans we always report the property which will be the loan guarantee.

Thanks

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#930301 - 03/26/08 01:50 PM Re: Consumer Loans for Home Improvement Luzmarie
Noah Wiseman Offline
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Joined: Jul 2007
Posts: 182
If the loan is unsecured then it is not HMDA reportable.

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#930335 - 03/26/08 02:12 PM Re: Consumer Loans for Home Improvement Noah Wiseman
#12 Offline
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Joined: Jun 2005
Posts: 1,338
Unless you classify it as a home improvement loan then it is.

You report the location of the property being improved.
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#930339 - 03/26/08 02:14 PM Re: Consumer Loans for Home Improvement Noah Wiseman
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,017
Bloomington, IN
Originally Posted By: Noah Wiseman
If the loan is unsecured then it is not HMDA reportable.


The definition of a HI is:

Home improvement loan. A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which the dwelling is located, and (b) any loan not secured by a lien on a dwelling (i) that is to be used, at least in part, for one or more of those purposes and (ii) that is classified as a home improvement loan by the institution.


For home improvement loans you report the property that is being improved.
Last edited by Dan Persfull; 03/26/08 02:15 PM.
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The opinions expressed are mine and they are not to be taken as legal advice.

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