Business Purpose Loan, Residential Refinance, and HMDA
by Linda Crank, Senior Vice President of The Centrax Group
Question: Is a business purpose loan that includes a refinance of residential real estate taken as an abundance of caution reportable for HMDA?
Answer: Based on information received from FRB these loans are reportable as a refinance for HMDA even though they may also be reportable for CRA.
The Centrax Group provides the next generation of compliance and marketing software in addition to consulting solutions to banks, thrifts, credit unions, and mortgage companies worldwide.
CENTRAX provides a partnership with clients for managing CRA, HMDA and Fair Lending and is the premier provider of software and consulting solutions for CRA and HMDA reporting, performance analysis, exam management, and fair lending monitoring. It's never been this easy to manage your CRA, HMDA and Fair Lending programs.
MARQUIS and CALLTRAX provide the best value for Profitability, Marketing and Sales/Service Contact Management.
For additional information on our compliance and marketing solutions, visit our company web sites at www.centraxgroup.com or www.marquismcif.com, or call us at (800) 365-4274. Linda Crank is Senior Vice President of The Centrax Group and can be reached at lindac@centraxgroup.com.
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