Is a loan to purchase a shed, HMDA reportable as home improvement? Does the shed have to be on a permanent foundation to qualify as a home improvement?
I have a home improvement loan for 6 months. On the home improvement loan is it really considered a HPML and I should do Escrow?
If a borrower requests a home improvement loan for the purpose of adding office space to his home, to allow him space for legal and security work, would this be a business purpose loan, or would it be considered a consumer purpose loan?
Commercial customer is using one residential investment property as collateral to do improvements to another residential investment
property. Is this HMDA reportable? if so, which address do I report; and is the purpose "home improvement"?
A borrower signs the Note and receives the rescission disclosure and all the other disclosures on the Note date. After the rescission period passes and the funds are disbursed, can the effective date of the loan that interest begins accruing be the Note date or the date the funds were actually disbursed?
May a home improvement loan be treated as a single transaction construction-to-perm loan?
If so, is the draw period/construction period exempt from RESPA servicing rules or do they apply because it is not initial construction of the property?
Here is the scenario: the borrower already owns a house and is taking it down to the studs and will have all new finishes at the completion of construction. He is also paying off two existing loans. Following the construction phase, the borrower will obtain permanent financing through our bank.
Is this home equity or refinance?
In 2016, dad took out a home equity loan with the bank so his son could make some improvements to the house. His son was not on the loan nor on title at the time. The farm property was transferred to the son (our new borrower) at the beginning of the year. The son wants to payoff dad’s loan with us ($42K) plus borrow additional for more improvements for a final loan amount of $150K.
Does this scenario require a three day right of rescission?
Borrower currently has a mortgage elsewhere on their primary dwelling. They want to refinance that loan while simultaneously securing a construction-perm loan with us for an addition to the home. Is it subject due to the cash out, refi component or exempt due to the construction component?
If a customer is getting a loan to purchase a water softener for their home would this be HMDA reportable as a home improvement loan?
We have a loan to purchase a portable storage building. The loan is secured by a vehicle. Would this qualify as home improvement under HMDA?