Does HMDA reporting need to be done on a farm residence with 160 acres?
I have a loan that is refinancing and getting cash out to do improvements on a house in Mexico. How should this be reported on HMDA?
We are trying to clarify an item from the Official Staff Commentary of Reg C - 2(g) Home Improvement loan. The commentary indicates “Classification requirement for loans not secured by a lien on a dwelling. An institution has “classified” a loan that is not secured by a lien on a dwelling as a home improvement loan if it has entered the loan on its books as a home improvement loan, or otherwise coded or identified the loan as a home improvement loan.” We have not reported any loans to our Call Report as home improvement nor are any identified as home improvement in our underwriting summaries or on our core system. However, in review of loan notes, the purpose is stated to be for a "new roof", but not specifically home improvement and it’s not "classified" as stated above as home improvement. The loan is for a condominium complex with assessments as collateral. Should this loan be included on the HMDA LAR as home improvement?
A loan to an individual for business purposes that is collateralized with a hypothecation agreement and a security deed on another person's (not a borrower) one to four family dwelling, HMDA reportable?
If the purpose of HMDA is home improvement, should this only be if it’s home improvement, or should this apply any time the loan is not secured, but still has a HMDA purpose?
Is there a timing issue for HMDA reporting? Assuming we meet all other requirements, we have loans where the purpose is to purchase a dwelling, but the applicant has had to pay cash because it was a foreclosure, and we have loans for home improvement, where the improvement has been done with cash and the applicant wants to be reimbursed through loan proceeds. Are these HMDA reportable, or do the proceeds have to be used for the actual purpose?
I am refinancing a loan for a customer which will be used to purchase a primary residence to a home improvement loan(but he will not move into the property until the home improvement is completed), does rescission apply?
Regarding HMDA loans: if a loan is considered to be a home improvement loan if the funds are used to finance improvements, but not so if the proceeds pay the borrower back for improvements already made, then how would we report a loan made for improvements that are made in the past if the borrower is not getting the money back, but rather paying off the credit card and/or LOC used to finance the improvements? The improvements have already been made, but the proceeds are not paying the borrower back directly and are in a way, still financing the improvements.
I have a loan from 2008 that ballooned and renewed, but was given new money. The new money will be used to install water and sewer and to reimburse paid expenses for repairs. Is this a reportable loan?
Relative to denied loan requests, including home improvement loans, is the bank required to do the following: (1)gather government monitoring info (2)provide the servicing transfer disclosure (3)provide the notice "right to copy of appraisal report" even if an appraisal is not obtained?in violation of Reg B if notice cannot be sent until after the thirty days?