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BankersOnline.com Forums Dodd-Frank Final Rules Discussions HMDA Overhaul 2018 Unsecured Reporting
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#2173197 - 04/12/18 03:31 PM Unsecured Reporting
April Parker Offline
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I was in a training seminar yesterday, and an officer brought up that unsecured loans for the purpose of home improvement are HMDA reportable. Last examination we had, we were told that most banks no longer report unsecured loans, even if the purpose was HMDA related. Has this changed and I have been so busy with all the other HMDA changes that I missed it?

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HMDA

#2173213 - 04/12/18 04:28 PM Re: Unsecured Reporting April Parker
MScarn6942 Offline
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Land Lacking in Lakes, IL
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#2173214 - 04/12/18 04:28 PM Re: Unsecured Reporting April Parker
MScarn6942 Offline
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Land Lacking in Lakes, IL
PS welcome to BOL!
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#2173219 - 04/12/18 04:34 PM Re: Unsecured Reporting April Parker
raitchjay Offline
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Posts: 9,319
OK
I'm fairly certain non-dwelling secured loans of any purpose are no longer HMDA reportable.
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#2173220 - 04/12/18 04:36 PM Re: Unsecured Reporting raitchjay
Adam F Offline
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Adam F
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VA
Originally Posted By raitchjay
I'm fairly certain non-dwelling secured loans of any purpose are no longer HMDA reportable.


Yeah. For 2018 and beyond, there must be a dwelling securing the loan to be considered HMDA.
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The answers I give are my opinions. Not legal advice.

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#2173222 - 04/12/18 04:39 PM Re: Unsecured Reporting April Parker
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,842
From the final rule:

Quote:
The final rule excludes
from coverage home improvement loans
that are not secured by a dwelling (i.e.,
home improvement loans that are
unsecured or that are secured by some
other type of collateral) and all
agricultural-purpose loans and lines of
credit.

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#2173232 - 04/12/18 04:59 PM Re: Unsecured Reporting April Parker
April Parker Offline
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Joined: Oct 2015
Posts: 19
Awesome! I panicked thinking I missed something. Thank you all for your help! These forums are so helpful!

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