Motel Loan HMDA Reportable? - Mary Beth Guard

Motel Loan HMDA Reportable?
by Mary Beth Guard, BOL Guru

Question: Is a loan to purchase a motel considered a HMDA-reportable loan if the borrowers intend to live in a unit in the motel?

Answer: Because only one unit will be residential and the remainder will be temporary housing, and because only a minority of the funds will be used for the residential unit, I would not report this as a HMDA reportable loan. This would not be a typical ?multifamily dwelling.?

First published on BankersOnline.com 4/26/04