HMDA - Motel Loan

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Question:

I have a motel loan with 12 units and an office/home for the manager to live in and both are on the same property. The office/home is not worth 50% of total loan amount. Does HMDA apply?

Answer:

It doesn't sound like it, but you don't say if this is a home improvement or purchase purpose. Refer to the Commentary to Section 203.2(g) and (h) and read the comments about "Mixed-use property" for your guidance.

First published on BankersOnline.com 4/09/07