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HMDA Getting It Right Manual

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The HMDA - Getting It Right manual states if a loan is a home improvement loan as well as a refinancing, an institution reports the loan as a home improvement loan. Does this apply to commercial, multiple-category loans as well, where the proceeds are used primarily to refinance? And if the borrower owns multiple apartment buildings, and uses the residual proceeds to improve a different apartment property, would you still categorize the original borrowing (the one used PRIMARILY for refinance) as home improvement?

Yes, this applies to all loans. In all cases, if any part of proceeds are for a purchase, report as a purchase. If any part of proceeds are for home improvement, report as home improvement.

If neither purchase or home improvement, then it will be a refinance.

First published on 05/04/2015

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