Multiple Advanced Home Improvement Loan-HMDA?

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Question:

I have a loan that is a multiple advanced (but one way draws) home improvement for six months. Is this HDMA reportable?

Answer:

You don't say how it is to be repaid. If it is to be repaid by longer term financing then it would be temporary financing and exempt. If it will be paid from some other source then it's short term financing and is reportable.

First published on BankersOnline.com 12/5/11