Q: What is acceptable collateral for a home purchase loan under HMDA? Also, if another residential dwelling besides the property being purchased is offered as collateral, what property location should I report?
A: A home purchase loan must be secured by the dwelling being purchased or by another residential dwelling. Home purchase loans, although secured by non-residential collateral, are not HMDA-reportable. For home purchase loans report the property location for the property in which the security interest is to be taken. If the home purchase loan is secured by more than one property, report the location data for the property being purchased.