HMDA - Business Loan on a 1-4 Family Property

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Question:

Is monitoring information a requirement for a business loan on a 1-4 family property? We are a HMDA reporting bank.

Answer:

If the loan is subject to HMDA reporting then monitoring information is required regardless if the loan is for a business or consumer purpose. If the loan is to a non-natural person you would report 7 and 4.

First published on BankersOnline.com 9/10/07