Unsecured, HI, temporary or short term

Posted By: Bec

Unsecured, HI, temporary or short term - 08/24/17 05:28 PM

Unsecured note for the purchase of a 2nd home and the renovations of that purchased home. The term is 17 months and the repayment source is bonus income. I am thinking that this is short term and that it is reportable as a Home Improvement loan. What say the gallery?

On the HMDA Overhaul, I am thinking this would not be reportable at all as it is not secured by a dwelling. Would that be an accurate assessment as well?
Posted By: RR Becca

Re: Unsecured, HI, temporary or short term - 08/24/17 05:47 PM

I agree on both points.
Posted By: RR Joker

Re: Unsecured, HI, temporary or short term - 08/24/17 06:12 PM

I agree if you currently report unsecured HI loans.
Posted By: Bec

Re: Unsecured, HI, temporary or short term - 08/24/17 08:20 PM

Thank you for the thoughts. And, yes we do report HI loans, great point by you.
Posted By: Dan Persfull

Re: Unsecured, HI, temporary or short term - 08/24/17 08:29 PM

And, yes we do report HI loans

But do you report non dwelling secured HI loans?