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HMDA Reporting of Commercial LOCs

Question: 
Is a commercial line of credit which is being used to purchase and rehab a residential dwelling HMDA reportable when a draw is made?
Answer: 

If the bank doesn't report lines of credit, it wouldn't be reportable. If the bank does report lines of credit, it should report lines of credit made in whole or in part for the purpose of home improvement or home purchase.

First published on 09/17/2012

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