Posted By: Char
HMDA REPORTABLE - 10/15/08 07:15 PM
We have a loan that is being renewed, (we have just started reporting HMDA this year), so it has never been reported. It is a commercial loan to an individual on a residential property. The purpose of the loan is to renew and term out residential real estate loan originally granted to purchase and remodel a residence then sell the property. The property was completed last year but has not sold. Now it is a rental. My question is, is this HMDA reportable? It is a rental on a commercial loan to an individual that is being renewed, but has never been reported on HMDA. Do all renewals not qualify for HMDA? THanks,