Is a Loan Used for Multiple Purposes HMDA-Reportable?
The Bank made a loan in the amount of $1,100,000, of which $540,000 paid off existing debts and the remainder was used to recoup costs that the borrower spent on repairs and to purchase a residential property. The loan is secured by five properties, four of which are commercial or with commercial use predominating, and one of which is a mixed use property in which the residential use predominates. The loan is not secured by the residential property purchased. How would the Bank report this loan on the HMDA LAR?