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NonReportable HMDA Loans

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Reg. C states that the following loans or applications for loans are excluded from HMDA reporting: Do not report loans or applications for loans of the following types: <ol><li>Loans that, although secured by real estate, are made for purposes other than home purchase, home improvement, or refinancing (for example, do not report a loan secured by residential real property for purposes of financing college tuition, a vacation, or goods for business inventory). <li>Loans made in a fiduciary capacity (for example, by your trust department). <li>Loans on unimproved land. <li>Construction or bridge loans and other temporary financing. <li>The purchase of an interest in a pool of loans (such as mortgageparticipation certificates). <li>The purchase solely of the right to service loans. </ol>Although, this is very helpful, I would like a few "real life" examples of loans that are not HMDA reportable.

The most common "over" reporting I see is for home equity loans (secured by a dwelling to buy a car, pay off a credit card, etc.). I don't know why HMDA grabs home improvement but not home equity, but that's the law.

First published on 3/3/03

First published on 03/03/2003

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