{"id":2402,"date":"2021-03-04T19:29:54","date_gmt":"2021-03-04T19:29:54","guid":{"rendered":"https:\/\/albanknews.com\/?p=2402"},"modified":"2021-03-04T19:29:54","modified_gmt":"2021-03-04T19:29:54","slug":"compliance-qa-investment-properties-hmda","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=2402","title":{"rendered":"Compliance Q&#038;A: Investment Properties &#038; HMDA"},"content":{"rendered":"<p><strong>Q: Are investment properties with a loan purpose of Code 4 HMDA reportable?<\/strong><\/p>\n<p><strong>A<\/strong>: Code 4 for \u201cLoan Purpose\u201d corresponds to \u201cOther Purpose.\u201d You do not report &#8220;Other&#8221; purpose loans that are &#8220;business purpose.&#8221;<\/p>\n<p>Reference:<\/p>\n<p>Code 4\u2014Other purpose<\/p>\n<p>Data Point \u201c(5) Loan Purpose, Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2020: <a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_2020-reportable-hmda-data.pdf\">https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_2020-reportable-hmda-data.pdf<\/a><\/p>\n<p>The requirements of this part do not apply to: . . . (10) A closed-end mortgage loan or open-end line of credit that is or will be made primarily for a business or commercial purpose, unless the closed-end mortgage loan or open-end line of credit is a home improvement loan under \u00a7 1003.2(i), a home purchase loan under \u00a7 1003.2(j), or a refinancing under \u00a7 1003.2(p);&#8221;<\/p>\n<ul>\n<li>1003.3(c)(10): <a href=\"https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1003\/3\/#c-10\">https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1003\/3\/#c-10<\/a><\/li>\n<\/ul>\n<p>Not a member? Learn more about membership with Compliance Alliance by attending one of our live demos:<\/p>\n<ul>\n<li><a href=\"https:\/\/compliancealliance.com\/news-events\/event\/live-membership-demo-03-09-2021\"><strong>Live Demo on Tuesday,\u00a0 March 9<sup>th<\/sup>, @ 10:00 am CT<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/compliancealliance.com\/news-events\/event\/march-2021-compliance-huddle\"><strong>Live Demo on Thursday,\u00a0March 11<sup>th<\/sup>, @ 1:00 pm CT<\/strong><\/a><\/li>\n<\/ul>\n<p>Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call <strong>(888) 353-3933<\/strong> or email <a href=\"mailto:info@compliancealliance.com\"><strong>info@compliancealliance.com<\/strong><\/a>and ask for our Membership Team. For timely compliance updates and resources, <a href=\"http:\/\/eepurl.com\/bjXIVv\"><strong>subscribe to <\/strong><strong>Bankers<\/strong><strong> Alliance\u2019s email newsletters<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q: Are investment properties with a loan purpose of Code 4 HMDA reportable? A: Code 4 for \u201cLoan Purpose\u201d corresponds to \u201cOther Purpose.\u201d You do not report &#8220;Other&#8221; purpose loans that are &#8220;business purpose.&#8221; Reference: Code 4\u2014Other purpose Data Point \u201c(5) Loan Purpose, Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2020: https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_2020-reportable-hmda-data.pdf The requirements of this part do not apply to: . . . (10) A closed-end mortgage loan or open-end line of credit that is or will be made primarily for a business or commercial purpose, unless the closed-end mortgage loan [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19,33,25,23],"tags":[],"class_list":["post-2402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-compliance-qa","category-industry-reports","category-publications","has_thumb"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p4Y3P2-CK","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2402"}],"version-history":[{"count":1,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2402\/revisions"}],"predecessor-version":[{"id":2404,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2402\/revisions\/2404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}