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Open-end lines and HMDA

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Question: 
If we are required to report open-end lines of credit for HMDA in 2018, will this include, unsecured credit cards and/or commercial lines of credit?
Answer: 

You will only report lines of credit secured by a dwelling. This would obviously exclude unsecured credit cards. While a commercial line of credit may be dwelling secured, you only report it if it’s for home purchase, home improvement or is a refinancing per HMDA.
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Learn more about David Dickinson’s webinar 2018 HMDA Requirements

First published on 02/05/2017

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