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HMDA Reporting -Loan Secured by Apartment Building

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Question: 
We are making a one year, interest only line of credit and the proceeds are to be used to pay off various mechanic liens. The loan will be secured by an apartment building. Is this HMDA reportable?
Answer: 

First, lines of credit are optional reporting. If your institution doesn't report LOCs, don't report this one (or any). Second, (if your institution does report LOC's) the loan is secured by a dwelling (the apartment building), but the purpose is not to purchase, improve or refinance a dwelling. Therefore, this loan would not be reported. If any amount is to purchase, improve or refinance a dwelling secured loan it would be reported.

First published on BankersOnline.com 6/09/08

First published on 06/09/2008

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