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HMDA - Transaction Secured by Other Dwelling
by Dan Persfull, BOL Guru
Guru Bios
Question: If a residential mortgage transaction is secured by a dwelling other than the one being purchased, which dwelling is used for HMDA reporting purposes?
Answer: See page D-12 of the A Guide to HMDA Reporting, Getting It Right.
For a home purchase loan, an institution reports the property taken as security. If an institution takes more than one property as security, the institution reports the location of the property being purchased if there is just one. If the loan is to purchase multiple properties and is secured by multiple properties, the institution reports the location of one of the properties or reports the loan using multiple entries on its HMDA/LAR (with unique identifiers) and allocating
the loan amount among the properties.
First published on BankersOnline.com 9/11/06
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