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HMDA reporting of business loans

Question: 
I thought business purpose loans were exempt from HMDA reporting.
Answer: 

HMDA applies to open-end and closed-end credit secured by a dwelling. Business purpose loans are generally exempt; however if the loan is for home-improvement, home purchase or refinance the loan is reportable. For example, if a dwelling secured business purpose loan is refinanced, the refinance is HMDA reportable.

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First published on 10/30/2022

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