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Water Softener Reportable As Home Improvement?

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Question: 
If a customer is getting a loan to purchase a water softener for their home would this be HMDA reportable as a home improvement loan?
Answer: 

Yes, if:
1) the loan is dwelling secured, or
2) the bank classifies it as a home improvement loan.

Refer to 1003.2(g)

First published on 04/13/2015

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