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#1079279 - 11/07/08 09:37 PM HMDA reportable
CatNip Offline
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Joined: Sep 2008
Posts: 16
Loan matches definition of refinance. However, a the new promissory note is signed but the old note number is assigned to the new promissory note. I am thinking this does not make a difference and is HMDA reportable since a new note is executed. Comments please.

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#1079285 - 11/07/08 09:45 PM Re: HMDA reportable CatNip
Truffle Royale Offline

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You are correct. Internal numbering does not affect HMDA reportability. This meets the definition of a refi so report it.

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#1079305 - 11/07/08 10:07 PM Re: HMDA reportable Truffle Royale
Mrs. Rizzo Offline
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Curled up by the fire...
Does your new note mention that it is an extension and not in satisfaction of the previous?
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#1079491 - 11/10/08 01:46 PM Re: HMDA reportable Mrs. Rizzo
CatNip Offline
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Joined: Sep 2008
Posts: 16
It states that it is a renewal.

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#1079675 - 11/10/08 05:04 PM Re: HMDA reportable CatNip
Mrs. Rizzo Offline
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Curled up by the fire...
For example, our Change In Terms (a new note with the same loan number) always say This Change in Terms Agreement is in revision of, but not in satisfaction of, the original Promissory Note (and Deed of Trust, Security Agreement, whatever) dated _______ in the amount of $_________. We don't report these.
The existing note on our system is not satisfied. That will be the key for you.
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Take responsibility for your life.

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#1080233 - 11/11/08 08:58 PM Re: HMDA reportable Mrs. Rizzo
Truffle Royale Offline

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Posts: 17,400
patting Rizzo on the back... You're getting awfully good at this HMDA stuff there girl. wink

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#1080305 - 11/12/08 02:41 AM Re: HMDA reportable Truffle Royale
Mrs. Rizzo Offline
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Mrs. Rizzo
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Curled up by the fire...
Awww shucks!!! cool Thanks, TR!!!
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#1080680 - 11/12/08 08:11 PM Re: HMDA reportable Mrs. Rizzo
CRAatBOK Offline

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Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
I always knew you had it in you Rizzy.
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