HMDA scenario- Customer uses primary residence to build a 4 plex. After the project is completed, the customer wants to use free and clear 4 plex to consolidate debts. One of those direct disbursements is going to pay off her principal residence as well as other installment obligations. Does HMDA apply on the free and clear residence and if so, why?
If we give a loan to someone to consolidate their existing student loans, are the private education loan new disclosures required? They are no longer in school, just refinancing the debt.
If a loan has multiple collateral, mainly commercial buildings and then one residential building is taken as collateral and a refinance of this multiple collateral loan is done, is it HMDA reportable even though the residential building only makes up 5% of the total collateral package? Would you only report 5% of the loan amount or the whole loan amount?
If a borrower is refinancing, paying his own escrows, and the insurance is in effect for an additional year, does the premium need to be disclosed on the good faith estimate?
I have a question regarding the government monitoring information requirements under Section 202.13 of Reg B</a>. We are not a HMDA reporting bank. If we were to do a home equity loan for a customer and then that same customer requested additional money on that home equity (or a refinance), would you then at that point be required to collect government monitoring information?
We are refinancing a consumer construction loan to add funds to complete construction. Consumers are residing at another residence until the new house is completed. The construction house in uninhabitable as it stands now - and secures the loan. The repayment source is the mortgage loan by the same lender. Would the new loan require a Right of Rescission even though the consumers have another principle address?
I need some clarification on RESPA exemptions. We are making a consumer construction loan. The borrower already owns the lot but has it financed at another bank. Our construction loan will be refinancing the lot and constructing the dwelling. There is a permanent take out. It qualifies as temporary financing but the second part of the vacant lot exemption is confusing me. Exemption: A loan secured by vacant or unimproved property where no proceeds of the loan will be used to construct a 1- 4 family residential structure. However, if the proceeds will be used to locate a manufactured home or construct a structure within two years from the date of settlement, the loan is covered. Would this loan be subject to RESPA because within 2 years, the proceeds will be used to finance the construction of 1-4 family dwelling or is it exempt because of the "temporary financing"?
We have a client with a HELOC that has matured. They have an outstanding balance and the loan is being renewed. The Deed of Trust is already in place and the renewal will be for a decreased amount. Would this renewal be subject to a Right of Rescission? It seems that there are answers stating it is not required because it is a renewal at the same intuition with no new funds; however, there are responses which suggest this is a refinance which would require it. If it is required, how could a customer rescind the right to the collateral since the Note is not satisfied?
Is a 203K refinance reported as a Home Improvement loan for HMDA purposes since rehab dollars are included in the total dollar amount but held in escrow and disbursed later?
We are refinancing an existing non-dwelling secured home improvement loan and advancing new money for personal expenses. Is this HMDA reportable, and if so, would it be a refinance or a home improvement?