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Does HMDA apply when the loan purpose is for a down payment on a home but the collateral offered is a car?

Question: 
Does HMDA apply when the loan purpose is for a down payment on a home, however the collateral offered is a car? It's my understanding that the loan purpose must be for the purchase of a home AND the loan must be secured by the home being purchased or another dwelling. If the car is the only collateral, HMDA does not apply ?
Answer: 

This is correct. The only time you can have a HMDA-reportable loan without having a dwelling as collateral is in the case of a home-improvement loan.


-February 19
Flood - Dodging the BIG Wave , presented by Lucy Griffin and David Dickinson


First published on BankersOnline.com 2/2/03

First published on 02/02/2003

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Filed under lending as: 

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