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Home Improvement Loan Used for Tuition

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Question: 
I have a home improvement loan which is secured by real property and is being used for college tuition. Is this HMDA reportable? The funds are not being used for repair or home improvement at all.
Answer: 

If the funds are not being used for home improvement but the applicant claimed as such, then they have commited mortgage fraud and you should immediately file a SAR. If the loan officer was aware of the deception and participated, a SAR should also be filed on him.

First published on BankersOnline.com 11/08/10

First published on 11/08/2010

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