Latest Lending - Home Improvement Topics

Collecting Monitoring Info on RE Loan

01/17/2011

We are an FDIC regulated bank. When do we not collect the government monitoring information on a real estate loan application?

Disclosures for Second Residence

01/10/2011

We are making a home improvement loan on a second residence that will become the owners' primary residence when the improvements are complete. Do we do disclosures as a primary residence since this will be the case, or as a second residence as it is at the moment?

HELOC and HMDA Reportables

12/13/2010

I had a borrower wanting money to purchase and renovate some rental property using his home equity loan on his personal residence. He wants to finance the rental property and pay the money down on his home equity line to a zero balance, but we are not closing out the home equity line. We do not report home equities on HMDA. Would this be reportable?

Is HELOC Really for Home Improvement?

11/22/2010

When a HELOC applicant indicates only a home improvement purpose on the application and there are no liens on the property, can we really presume the whole amount is to be used for home improvement or do we have to specifically ask?

Home Improvement Loan Used for Tuition

11/08/2010

I have a home improvement loan which is secured by real property and is being used for college tuition. Is this HMDA reportable? The funds are not being used for repair or home improvement at all.

Filling out a LAR

08/30/2010

When a loan is secured by two properties, which one do I list on the LAR? A customer's existing home and the home he is purchasing are being used to secure the loan.

Hot Water Heater HMDA Reportable?

08/16/2010

Would an unsecured loan to purchase a hot water heater be HMDA reportable.

Swimming Pool Home Improvement?

07/26/2010

We report HELOCS and loans for HMDA. Would a HELOC for putting in a pool in be reportable? Would it be considered home improvement?

HPML - Temporary Loan

05/31/2010

We have an application for a temporary (less than twelve months) home improvement loan to be secured by the principal dwelling. This loan will be done as a multiple advance, closed-end loan, while the project is being completed. Once the project is completed, this loan will be re-written into a term loan. Is the temporary loan exempt from the HPML requirements? Is it considered a "temporary loan" for this purpose?

Home Improvement or One Year Construction Loan?

04/26/2010

We have a consumer loan request that is for the purpose of completing construction of a residence. The property was purchased at a trustee sale and is owned outright. The framing has been completed, but it is far from being ready for occupancy. It has never been occupied. Is this a home improvement loan, subject to HMDA, RESPA and HOEPA, or is it safe to call this a one year construction loan that is exempt as a short term financing?