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#451915 - 11/03/05 04:43 PM Mixed purpose propery and HMDA
Reed Offline
Diamond Poster
Reed
Joined: Sep 2005
Posts: 1,251
West Coast
If we are making a commercial loan to purchase an office building that also has a residence attached that our customer indents to occupy, is this HMDA reportable as a home purchase?

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Lending Compliance
#451916 - 11/03/05 04:54 PM Re: Mixed purpose propery and HMDA
GreatBlue Offline
Diamond Poster
GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
OSC to 203.2(h):
2. Mixed-use property. A dwelling-secured loan to purchase property used primarily for residential purposes (for example, an apartment building containing a convenience store) is a home purchase loan. An institution may use any reasonable standard to determine the primary use of the property, such as by square footage or by the income generated. An institution may select the standard to apply on a case-by-case basis.
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#451917 - 11/03/05 04:58 PM Re: Mixed purpose propery and HMDA
Reed Offline
Diamond Poster
Reed
Joined: Sep 2005
Posts: 1,251
West Coast
thanks for the reference, much appreciated.

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