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#2151169 - 10/25/17 07:48 PM HELOC - Purpose
Mel in WA Offline
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Joined: Mar 2013
Posts: 1,266
If you are not reporting HELOCs for HMDA and you know the request is for a consumer purpose, is it required to obtain a specific purpose (i.e. home improvement, debt consolidation, etc.) for a HELOC? Each advance could be for a different purpose.....

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#2151198 - 10/25/17 11:17 PM Re: HELOC - Purpose Mel in WA
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
You need to determine whether or not you have to gather demographic information under 1002.13, so asking the purpose is probably the first step.
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