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#1064992 - 10/15/08 07:15 PM HMDA REPORTABLE
Char Offline
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Joined: Oct 2008
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We have a loan that is being renewed, (we have just started reporting HMDA this year), so it has never been reported. It is a commercial loan to an individual on a residential property. The purpose of the loan is to renew and term out residential real estate loan originally granted to purchase and remodel a residence then sell the property. The property was completed last year but has not sold. Now it is a rental. My question is, is this HMDA reportable? It is a rental on a commercial loan to an individual that is being renewed, but has never been reported on HMDA. Do all renewals not qualify for HMDA? THanks,

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#1065011 - 10/15/08 07:25 PM Re: HMDA REPORTABLE Char
hmdagal Online
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Welcome to the world of HMDA reporting!

Assuming the transaction was done with a new note and not a modification agreement, this would be reportable.

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#1065050 - 10/15/08 07:53 PM Re: HMDA REPORTABLE hmdagal
Mrs. Rizzo Offline
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Curled up by the fire...
hmdagal really meant welcome to hades

If your "renewal" is the satisfaction and replacement of an existing dwelling secured obligation with another dwelling secured obligation, it's reportable for HMDA as a refi.
As hmdagal said, that would require a new note and not a modification of an existing note.
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#1065654 - 10/16/08 05:12 PM Re: HMDA REPORTABLE Char
Rangers Fan Offline
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Rizzo is right on with the "welcom to hades" comment. Keep this in mind when dealing with HMDA: "HHHmmmmmmm, DUH!" That's about how much sense some of the requirments make sense after it was amended in 2003. They just had to go there.

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#1065656 - 10/16/08 05:13 PM Re: HMDA REPORTABLE Char
Rangers Fan Offline
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Posts: 345
Rizzo is right on with the "welcome to hades" comment. Keep this in mind when dealing with HMDA: HMDA equals "HHHmmmmmmm, DUH!" That's about how much sense some of the requirments make sense after it was amended in 2003. They just had to go there.

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#1065906 - 10/16/08 07:19 PM Re: HMDA REPORTABLE Rangers Fan
hmdagal Online
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hmdagal
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I like to think of it as 'job security'.

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