HMDA: Mixed-Use Properties

HMDA is all about dwellings. Specifically, dwelling-secured loans where the proceeds will be used to purchase, refinance or improve a dwelling and other consumer purposes. A “dwelling” can be a single-family home, an apartment complex, a mobile home, a rental house, etc. So, what do you do when you have a property that has both dwelling (residential) and commercial (non-residential) space? Or, in other words, a “mixed-use” property. Is it a dwelling for HMDA purposes or a non-dwelling not subject to HMDA?

David explains more in the video.

Video Highlights:

• Whether a property is classified as residential or non-residential for HMDA purposes, the primary purpose of the building should be considered.
• A borrower's statement of intent and/or criteria such as square footage and income per square foot may be used.
• It is important to document your determination in the loan file.

Published
2023/02/10