08/29/2011
For HMDA purposes, how is the following loan to be reported? The bank made a construction-only loan with a 12-month maturity. The home was completed as of the maturity date, but the borrower needed time to sell the home. In the interim, the bank makes a loan for 12 more months that we consider temporary financing. At the end of this term, we make another loan to convert the initial construction to permanent financing and report it on our LAR as a home purchase loan. Is this correct? Is there a rule that says the “permanent financing” has to immediately follow the construction loan?
08/08/2011
When we do a loan modification, do we need to provide the customer with a rescission notice if we will be adding past due property taxes to his existing loan balance?
08/08/2011
When we do a loan modification, do we need to provide the customer with a rescission notice if we will be adding past due property taxes to his existing loan balance?
08/08/2011
Would the scenario below fall under the joint owner buyout? A client comes in to get a loan to have the name of one of the owners removed from the Deed of Trust. However, there was a Quit Claim Deed done prior to the loan giving full ownership to the client. The client just needs the funds from the loan to buyout the other owner.
03/21/2011
We have a business customer that purchases property for cash, then applies for a mortgage loan using the property as collateral. Is this a HMDA reportable loan or not; if so, what is the purpose? He is not improving the properties. Should we consider this a refinance?
02/28/2011
Our borrower, a partnership, has a business line of credit which is secured by the primary residence of one of the partners. Is this HMDA-reportable?
02/07/2011
Does HMDA reporting need to be done on a farm residence with 160 acres?
01/31/2011
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?
01/03/2011
We are not a HMDA reportable institution. Our bank was under FDIC receivorship. We were a State Chartered Bank, and we are now a National Bank. Since we are not required to report HMDA at this time, are we allowed to gather GMI on the initial 1003 for a real estate loan, or is this a violation of Reg B?
12/06/2010
Can you tell me if I need to file a HMDA on the following transaction. I have a loan for a customer who originally started out as a line of credit secured by a one-to-four family investment property. The loan has matured and we are extending the credit for another year. We have been told that this loan is now considered a "refinance", and that we would indeed need to file for HMDA. I was thinking that since it wasn't HMDA reportable to start with we wouldn't do one at maturity.