Is moving or setting up a home considered to be a home improvement loan?
What is the definition of improved property versus unimproved property as it relates to HMDA reporting?
We did cash out refinance on a customers primary home. The cash out was used to purchase a second home. I know this is HMDA reportable. I am thinking that a purchase trumps the refinance for HMDA. What I am not sure of is what location to use for the HMDA reporting. Should I use the home being purchased or the home being refinanced? The house being purchased is not securing the loan.
HMDA reportable? Construction Loan that will be replaced with Permanent financing but also taking a 1st on a rental property and a second on his primary. What if the additional collateral was a refinance (refinanced a small 1st lien loan on a rental property and took that collateral as well on the construction loan).
If a person borrows money to do home improvements to a home they do not own but will be renting; is that reportable as home improvement - not owner occupied? We classify and report all of our unsecured home improvement loans.
We are getting ready to do some unsecured loans for Home improvement. What is the maximum interest by Missouri Law that the bank can charge? And what about fees?
I have a customer refinancing their home in order to payoff bills from home improvements that are already completed. Is this reported as a refinance or improvement?
On a Home Improvement loan, is it considered a cash-out if the closing costs are rolled into the loan amount?
Do I have to collect GMI for a business line of credit that is secured by the principal's residence? The line is for working capital and not home improvements, or refinancing a loan.
We are lending money for home improvement secured by the mobile home they live in (not attached to real property). Is this considered a lien?