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#2300856 - 08/23/24 08:36 PM HELOC - Buying Property HMDA Reportable"
JoAnne S Offline
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Joined: Aug 2020
Posts: 22
We have a HELOC secured by borrowers Primary Residence for the purpose of Buying Property. If the property is vacant land is it HMDA reportable?

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#2300857 - 08/23/24 09:27 PM Re: HELOC - Buying Property HMDA Reportable" JoAnne S
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,875
Bloomington, IN
Assuming this is for a consumer purpose, yes and assuming you are not paying off another dwelling secured loan you would report using Purpose Code - 4..

Since you asked about HELOCs I am also assuming you are subject to reporting covered open-end credit accounts.
Last edited by Dan Persfull; 08/23/24 09:29 PM. Reason: Add comment
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The opinions expressed are mine and they are not to be taken as legal advice.

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