Our bank extended an unsecured loan to a borrower to purchase a home. The unsecured loan was temporary until the mortgage file was ready to close. I'm thinking that the permanent mortgage file should be reported as a home purchase even though we are treating like a refinance. I'm following the same philosophy as the construction to permanent loan files. Is this correct thinking?
Is right of rescission required on a refinance of an existing HELOC if there is no new money and renewing loan to extend the maturity date?
What is the 3-day rule when a HELOC is being converted into a HE loan? I'm in Operations and we have problems when a loan officer starts a Presentation without including us and then sends us the information about a month later. Do we concern ourselves about not getting the information early enough to send the preliminary disclosures within the 3 days? This is an ongoing problem that we would like to settle once and for all.
If loan has a maturing 5 year balloon feature, is going to be given 5 more years and we are past the maturity date, if we print new documents but keep same loan number is this considered a renewal or refinance?
Customer is refinancing a commercial real estate mortgage secured by commercial real estate. Is this HMDA or must ALL refinances (whether consumer or commercial) be secured with a dwelling?
An individual (borrower) purchasing a business is securing it with their personal residence. Is this HMDA reportable?
I have a commercial loan secured by 2/13 interest (first mortgage) on a house. When this loan was originated, it was an open end line of credit and now has been renewed (new loan number) into a single payment loan due in one year. Is this a HMDA reportable loan? The source of repayment for the loan is business income.
We recently had an FDIC compliance exam and were criticized for gathering information on some home equity refinanced loans. We had been told in the past that if it was a refi, we should get the info...we are not a HMDA reporting bank. This examiner said that according to Regulation B it depended on what the principal percentage of what the refi was used for...either purchase money or HE. We checked with several non-HMDA banks and they are doing it like us. The examiner said we could question it, but this was his determination. Any help?
I have a commercial loan with two residential properties, one primary and one rental but the customer owns out right but the is not purchasing, refinancing or using any part of the loan for home improvements. Is this loan HMDA reportable? The purpose is for commercial investments into another business.
Purpose of new loan is to pay down a portion of an existing loan secured by a dwelling and new loan is secured by a dwelling. Is this a HMDA reportable loan under the refinance definition? Purpose of new loan is to term out the outstanding balance on a LOC that was secured by a dwelling and replacing it with a new loan secured by a dwelling, however the LOC is not closed it will remain open for future advances. Is this a HMDA loan reportable loan under the refinance definition?