Refinancing a Loan, Getting Cash: HMDA?

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Question:

I have a loan that is refinancing and getting cash out to do improvements on a house in Mexico. How should this be reported on HMDA?

Answer:

If it meets the definition of a refinancing you will report it as such. If it does not then the loan is not reportable because houses in Mexico do not fall under the definition of a dwelling in Reg. C therefore it would not meet the definition of a home improvement loan.

First published on BankersOnline.com 1/31/11