Answer:
Answer by Jim Bedsole
You would have to report any line used for home purchase or home improvement. The manner of reporting is identical to that for closed end loans.
In making the choice to report or not, I would definitely recommend you do a study of the potential benefit to reporting. The only reason to report HELOC's would be if it gives a boost to your penetration rates in LMI tracts or to LMI borrowers, or if it improves any race or gender disparity that might exist in your HMDA data without the lines reported.
Answer:
Answer by David Dickinson
I want to add to what has already been said. If you choose to report Home Equity Lines of Credit, report only the amount for home improvement (or home purchase), not the entire line amount.
First published on BankersOnline.com 06/9/03
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