Posted By: CompDat
HMDA Help - 04/21/08 04:50 PM
HELP!
Ok now that I am calm. If a loan is for commercial property but we required the owners to add their personal residence as collateral, it would not be HMDA reportable (does not meet the purpose test).
But, if we refinance that note, it would be. Is this statement accurate? Even though the original purpose was not HMDA reportable.
Ok now that I am calm. If a loan is for commercial property but we required the owners to add their personal residence as collateral, it would not be HMDA reportable (does not meet the purpose test).
But, if we refinance that note, it would be. Is this statement accurate? Even though the original purpose was not HMDA reportable.