Motel as Collateral on Business Loan, Reportable?

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Question:

A borrower is refinancing a business loan using a motel as collateral (also used on old note for collateral) for a business purpose loan - is the loan HMDA reportable? Our understanding is that HMDA applies to consumer and commercial type loans, and property/dwelling is where people live in.

Answer:

Guide To HMDA Reporting Getting It Right, page 27:

Dwelling. Dwelling means any residential structure, whether or not attached to real property. It includes vacation or second homes and rental properties; multifamily as well as one-to-four-family structures; individual condominium and cooperative units; and manufactured and mobile homes. It excludes recreational vehicles such as boats and campers, and transitory residences such as hotels, hospitals, and college dormitories.

First published on BankersOnline.com 3/6/06