One thing that can cause confusion when it comes to HMDA data collection and reporting has to do with converted dwellings. We often get asked if they are HMDA reportable or not. The Commentary to §1003.2(f) #3 gives an example that …homes (aka dwellings) converted to daycare facilities or professional offices… are not dwellings. In other words, a house is not considered a dwelling if it was converted to a non-residential structure before being used as collateral for a loan application.
David explains more in the video.
Published 2020/10/16