Answer:
Yes. As long as the line remains open and available for the borrowers to draw upon for the stated purpose, it is reportable.
Commercial Revolving Line of Credit
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Question:
This concerns a commercial revolving line of credit that is secured by the borrowers' home. This loan is done in the individuals' names and the purpose of the loan is to purchase, renovate and sell investment houses.
The thing that is confusing me is that they aren't making purchases or renovating with the line right now. Would this loan still be HMDAreportable since it is secured by the borrowers' primary residence?
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