Earlier this year, I wrote about how to pin down one of the more difficult-to-define HMDA categories: refinancing. Read more about the common pitfalls in ensuring all refinancings are reported in the first part of this series. Today, I want to look at another category where reportable loans can slip through the cracks: home improvement.
Note: This discussion applies to institutions compiling their 2017 LAR under the current HMDA rule. The Home Improvement definition is changing on January 1st, 2018, along with many other aspects of Reg C. The implications of these changes will be the topic of a future post.