MECA - home improvement

Posted By: complyorelse

MECA - home improvement - 02/07/08 09:56 PM

A mortgage modification was done for a future advance. The funds will be used to complete construction of a home that has been built out of pocket thus far. Is it HMDA reportable as a home improvement loan since we know it is for the improvement of the real property? It was not originally HMDA reportable because the funds were being used for an unrelated business purpose.
Posted By: Dan Persfull

Re: MECA - home improvement - 02/07/08 09:57 PM

Modifications are not reportable regardless of the purpose of any new money.