Property location - use collateral or house?

Posted By: morirse de risa

Property location - use collateral or house? - 04/29/15 07:01 PM

We did an ag loan where we used 80 acres (plus a rental house located on the 80) as collateral. The customer took a cash out refinance and purchased a new principal dwelling on 5 acres. We are not using the purchase property as collateral. What property location do I use for HMDA reporting?
Posted By: Dan Persfull

Re: Property location - use collateral or house? - 04/29/15 07:10 PM

Purchase and Refinance - report the property securing the loan.

Home Improvement - report the property being improved.
Posted By: morirse de risa

Re: Property location - use collateral or house? - 04/29/15 07:16 PM

Thanks for your help!