Are unsecured commercial loans used for home improvements HMDA reportable?
Our customers own a KOA campground. They wanted to borrow money to build a home on the campground for the manager of the campground to live in. We gave them a short term unsecured loan to build the home. When the unsecured loan matured we gave them a new loan secured by the property which paid off the unsecured loan. Is the new loan subject to HMDA reporting?
We want to offer a skip-a-payment program on Texas home improvement loans. Do you know where I might find more information on whether or not this is allowable?
Is HMDA required if we are taking a 2nd. lien on rental property as collateral?
Are renewals of existing loans that the purpose of funds was originally for residence purchase or home improvement HMDA reportable at time of the renewal? The question is two part with new money funded at closing and without new money funded at closing.
If I as a lender choose to use a mobile home for collateral on a loan where the purpose is to go on a vacation, does the loan require government monitoring information?
We seem to have a problem agreeing on an answer here at our bank. I was wondering if anyone could help? We have a personal installment loan coded as home improvement (which would give a lower rate). The caveat - the borrower is not the owner; he is simply the renter. He states the funds will be used for home improvement to the rental property he currently resides in. Can it be home improvement w/out the person actually owning the home? It would be non owner occupied.
Is Rate Spread applicable on Purchased loans?
I have a customer refinancing their home in order to pay off bills from home improvements that are already completed. Is this reported as a refinance or improvement? Answer: This is a refinance based on the information provided. None of the loan proceeds are for home improvement purposes. They are to pay off other debt. It was my understanding that a Refinance was only if it was a dwelling secured debt that was being paid off. A line of credit, say with Lowe's or Home Depot, wouldn't qualify. Have I interpreted this incorrectly?
For home improvement loans in Texas, does Reg Z apply? Is there a list of requirements somewhere?