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Multi-Unit HMDA Loan

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Question: 
Would this loan be HMDA reportable? Each of four building is on a separate lot with garages or carports. There are a total of 20 lots. All of the lots are contiguous and operated as one economic property. They do not have any restrictions from selling the lots individually.
Answer: 

The loan being HMDA reportable would depend if the loan's purpose met the definition of a home purchase, refinancing or home improvement, or if the loan is for a consumer purpose secured by a dwelling and it did not meet one of those definitions it would be reported as other.

First published on 02/20/2022

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