Skip to content

HMDA Reporting -Loan Secured by Apartment Building

Answered by: 

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?

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 6/09/08

First published on 06/09/2008

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics