Commercial Loan - HMDA Reporting

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Question:

What would cause a commercial loan be HMDA reportable in 2004 or 2005 with a guarantor as a co-applicant?

Answer:

The guarantor is not a factor in determining if an application is HMDA applicable. HMDA applies to home purchase loans, home improvement loans and refinancing. Refer to the definition of dwelling in Section 203.2(d) and its commentary. HMDA applicability does not consider the number of acres, number of units (4-plex, 8-plex, etc.), whether or not it is a primary dwelling, secondary home or rental property, the borrowing entity (consumer, business, etc.) or the lien status.

First published on BankersOnline.com 7/16/07