Academic journal article ABA Banking Journal

Mobile Moving Money: How to Categorize?

Academic journal article ABA Banking Journal

Mobile Moving Money: How to Categorize?

Article excerpt

Q. Would a loan to a consumer, secured solely by a mobile home, be HMDA-reportable when the funds are to be used for moving and setting up the mobile home? If so, would this be considered a construction loan or a purchase? Should the address reportable on the HMDA loan application register be the address where the mobile home is being moved? And would this loan be categorized as home improvement or construction?

A. This loan is HMDA reportable. It should be reported as a home improvement loan and the address should be where the mobile home will be located. Construction usually refers to the actual construction of a dwelling--which this is not. The borrowers apparently already own the mobile home--so this is not a purchase, either. Thus HMDA: A Guide to Getting it Right states that a home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling (or the real property on which the dwelling is located); or (b) any loan not secured by a lien on a dwelling to be used, at least in part, for one or more of those purposes that is classified as a home improvement loan by the institution. …

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