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I have a vendor stating that code 9 can only be used for a Consumer loan….Wouldn’t the “Other” code for consumer loans be coded as 7 (Other Secured Consumer Loans) or 8 (Other Unsecured Consumer Loans)? I’m trying to figure out when you would use 9 for consumer and I can’t make it make sense. Code 3 “Other Lines/Loans” would be used for Small Business loans that is secured by residential property, correct? If you have something that details the loan types, it would be great help so we can get this figured out. Here is how we breakdown the codes in our bank:
1 – Small Business Loan – any business purpose loan or line of credit with an originating amount of $1,000,000 or less that is secured by non-farm, non-residential real estate or not secured by real estate at all
2 – Small Farm Loan – any loan or line of credit with an originating amount of $500,000 or less that is secured by farmland (including farm residential or other improvements) or if not secured by farmland the loan proceeds are used to finance agricultural production (ex. Loan to purchase a tractor)
3 – Other Lines/Loans for Purposes of Small Business – “Non-HMDA” loan with an originating amount of $1,000,000 or less that is secured by residential property. (Ex. Loan to purchase a business secured by a residence)
5 – Motor Vehicle – any consumer purpose loan secured by a motorized vehicle, which includes boats
6 – Credit Card – issuance of a bank credit card
7 – Other Secured Consumer Loans – any consumer purpose, non-HMDA loan that is secured by collateral and does not fit any other category (would include lot loans)
8 – Other Unsecured Consumer Loans – any consumer purpose loan that is unsecured
9 – Other Loan – any loan not elsewhere classified, which should be business purpose or construction loans over $1 million, non-community Development business letters of credit, HMDA, and construction loans.
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