Is this HMDA Reportable

Posted By: Somer

Is this HMDA Reportable - 11/20/20 04:13 PM

I have a loan to a developer where 4 residential properties are the collateral. 3 of the properties will be sold and the 4th property is the guarantor's primary resident. The purpose of the funds were for construction cost overruns on the 3 residential properties that are being sold.

I was originally thinking that loan would not be HMDA reportable under temporary financing, because the loan is a construction loan to developer to build and sell. I am hung up on the fact that we also took the guarantor's primary residence as additional collateral due to LTV/CLTV ratios.

Please advise if is HMDA as Home Improvement or not HMDA reportable.
Posted By: raitchjay

Re: Is this HMDA Reportable - 11/20/20 07:45 PM

The presence of an additional piece of collateral in the form of the builder's primary residence doesn't change the exemption.....still exempt and not reportable.