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#1004630 - 07/25/08 02:22 PM reportable or not
TOLIE Offline
Junior Member
TOLIE
Joined: Nov 2003
Posts: 41
Michigan
LO received application request for maturing loan asking for $5000 additional funds for home improvement. The request was denied for additional but maturing loan was extended. what is this?

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#1004811 - 07/25/08 03:51 PM Re: reportable or not TOLIE
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
Modifications are not reportable for HMDA.
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Take responsibility for your life.

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#1004821 - 07/25/08 03:56 PM Re: reportable or not Mrs. Rizzo
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
However, there is a request for additional funds for HI that was denied. IMO that denied request is reportable.

I would relate it to me having an existing loan with you and requesting you to increase it for the the $5,000 and you denied that request.

All of this is assuming that we are talking a dwelling secured loan, otherwise the classification requirement will come into play.
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The opinions expressed are mine and they are not to be taken as legal advice.

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