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?
Our bank is making a loan for the purchase of nine duplex units. When completing the HMDA LAR, would the property type be a one-to-four family (Code 1)or a multi-family (Code 3)?
We are refinancing a loan that is secured by two manufactured homes and one dwelling. What property type code should be used on the HMDA LAR?
I have a loan on my LAR that was closed for incompleteness. The customer never provided the necessary income information needed to verify debt to income; therefore, there is no income to report. What do I provide in the Gross Annual Income area for HMDA?
An applicant refused to answer any of the monitoring questions during a telephone application, but during the review of the typed application, he marked the appropriate boxes. Do we include the updated information on the HMDA LAR or leave it as things he does not wish to disclose? The HMDA "Getting it Right" says that we are not required to report the information, but the FFIEC Q&As say that it would be a violation to report the updated information. Could you please tell us if it is a violation to include the customer provided information and share the basis for your answer?
If an individual uses his personal residence as collateral for the purchase of a rental home, is this a business purpose under HMDA? If not, how do I show his approved application (loan not closed/funded) on the LAR?
A lender approved a mortgage loan and did not gross up the customer's social security income, so for HMDA reporting, I used what the loan officer came up with in determining his income. Now, upon reviewing my quarter-end HMDA reporting, the HMDA compliance officer claims the social security income needs to be grossed-up and that I should change my HMDA LAR to reflect this change. Is this correct? I thought that I was to report my HMDA according to the data used to approve the loan application. Please clarify this for me.
Does the point and fee test still apply for the HOEPA test or does the Reg C amendment only call for APR test?
Overview: Regulation C's reporting requirements are changing.
I have read the following statement under Reg B staff interpretations of 202.13 (#5) "an application for open-end home equity line of credit is not subject to this section unless it is readily apparent to the creditor when the application is taken that the primary purpose of the line is for the purchase or refinancing of a principal dwelling". To me that means that if an applicant applies for a HELOC with the intention of purchasing or refinancing their home that we (the lender) should gather government monitoring information. Am I understanding correctly? If I am, what is the creditor supposed to be doing with the GMI? For HMDA we report the GMI on the HMDA LAR, but there is not a Reg B LAR to my knowledge.