We turned down a loan to move a house from one piece of land, to another piece of land. (Only in Wyoming :)) That is the one and only purpose of the loan request. Would this be considered home improvement, or not a HMDA application at all?

Thanks,

Deb

Were you taking the house as collateral or just the vacant land?

Hmmm would this be a manufactured home?????

BTW wyogirl, it's not only in Wyoming. They have moved 3 houses through town in the 1 1/2 years I've been here.

LOL Duchess. I know which house is being moved, I think Butch Cassidy built it back in the day. It's going to fall apart.

Anyway, the loan was to be secured by the vacant land (left after the move) and a mortgage on the house on the new lot. The applicant owns both at this time. I just may have answered my own question. I just learned that the request was also for permanent financing. So, the loan in question would have been temporary, not subject. Had we approved the request, the permanent loan would have been reportable, (replacing one mort on a dwelling with another on a dwelling).

Agreed? (Sorry I wasn't aware of the permanent part!)

Deb

Dang, still thinking. Maybe this should be considered a construction to perm request, in which case a purchase? (But he owns the home and land already.) Maybe I'll quit thinking now and see what you all think.

I think, since you don't want to think anymore, I would report this as a HI loan since it is secured by the dwelling. Would not moving the dwelling to a new foundation be improving it?