Skip to content

Loan w/ Purpose for Commercial Investments-HMDA?

Answered by: 

Question: 
I have a commercial loan with two residential properties, one primary and one rental but the customer owns out right but the is not purchasing, refinancing or using any part of the loan for home improvements. Is this loan HMDA reportable? The purpose is for commercial investments into another business.
Answer: 

This loan would not be reportable since it does not meet any HMDA reportable purpose (purchase, home improvement or refinance). Should this loan later be refinanced and again be secured by residential real estate it will be reportable as a refinance at that time.

First published on BankersOnline.com 5/21/12

First published on 05/21/2012

Filed under: 

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