FRB FAQs-Is the reporting of home equity lines of credit (HELOCs) optional, even if funds are used for home improvement purposes or to provide funds for a down payment on a home purchase loan?

Compliance > Regulation C - HMDA > FRB FAQs
Q:  Is the reporting of home equity lines of credit (HELOCs) optional, even if funds are used for home improvement purposes or to provide funds for a down payment on a home purchase loan?
 
A:  Yes. Section 203.4(c)(3) specifically states that it is optional for banks to report home equity lines of credit made in whole or in part for the purpose of home improvement or home purchase.

 

This can be found in - HMDA FAQ#6 of the FAQs.  The Federal Reserve Board FAQs can be found at: https://consumercomplianceoutlook.org/2011/second-quarter/hmda-and-cra-data-reporting/

 

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