Home Improvement vs. Auto Secured Consumer Loan

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Question:

Is there any requirement on classifying a non-dwelling secured home improvement loan (secured by an auto) as a home improvement loan vs. an auto secured consumer loan?

Answer:

I'm not certain what regulation(s) you are referring to. When it comes to HMDA, the bank must classify the loan as a home improvement loan to have it reported. However doesn't require you to classify it this way. That's a bank option.

First published on BankersOnline.com 11/7/11