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Houseboat Loan - Residential or Consumer Loan?

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Question: 
Are houseboat loans considered 1-4 family residential loans or consumer loans?
Answer: 

It might depend on the specific regulatory requirement that you are looking at. For example, it would be a dwelling under Regulation Z: 2(a)(19) Dwelling. 2. Use as a residence. Mobile homes, boats and trailers are dwellings if they are in fact used as residences, just as are condominium and cooperative units. Recreational vehicles, campers and the like not used as residences are not dwellings.

While a houseboat might be considered a recreational vehicle in some cases for HMDA, they would be reportable under HMDA if you are talking about, for example, the houseboats they sell in the Pacific Northwest that are basically permanently anchored and are in many cases primary residences.

First published on BankersOnline.com 9/01/08

First published on 09/01/2008

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