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Dwelling as secondary collateral

The primary collateral for a loan is business assets, although a dwelling was also taken as collateral. Is this loan not reported for HMDA?

HMDA reporting is not dependent upon whether the dwelling is primary or secondary collateral. Any consumer purpose loan that has a HMDA defined dwelling as collateral (all or part), is reported for HMDA. A business purpose loan that is for purchase, refinance (plain refinance or cash out refinance) or home improvement that has a dwelling as all or part of the collateral is HMDA reportable.
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First published on 02/17/2019

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