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#896622 - 01/30/08 08:14 PM Geocode
stayin alive Offline
Junior Member
Joined: Nov 2007
Posts: 33
Does your bank do a new geo-code when a loan is renewed or refinanced?

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Lending Compliance
#896806 - 01/30/08 10:40 PM Re: Geocode stayin alive
carpenter Offline
Member
Joined: Sep 2006
Posts: 90
I know mine does. Unless the property was already geocoded in our hmda data - our system would just link it together for that year. But if its from a different year, it would geocode it again.

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#897250 - 01/31/08 04:28 PM Re: Geocode carpenter
stayin alive Offline
Junior Member
Joined: Nov 2007
Posts: 33
I agree. There's no way of knowing if the data changed since last year if you don't pull it again. Our bank doesn't and aren't willing to discuss it either.

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#897313 - 01/31/08 05:02 PM Re: Geocode stayin alive
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
A refinance is a NEW loan and a new LAR entry. It should not be linked nor rely on information from a previous loan. I'm sure your FI does not use the income from the old loan to underwrite the new loan nor does it use the old appraisal, etc. Then you shouldn't be using the old geocode info without verifying it either. It's a two second deal on the FFIEC website so why wouldn't you verify it?

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