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#1256711 - 09/24/09 08:31 PM HMDA Reportable?
MMontjoy01 Offline
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MMontjoy01
Joined: Apr 2008
Posts: 47
NC, USA
Ok! I think I know the answer to this but I need some clarification! We have a loan that is a purchase of the primary residence for a term of 12 months. It will be paid off from the permanent mortgage. The permanent mortgage is not with us. Do we consider this HMDA reportable since the permanent mortgage is not with us or will it still be considered temporary financing? Thanks!

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#1256717 - 09/24/09 08:35 PM Re: HMDA Reportable? MMontjoy01
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
This sounds like temporary financing to me.
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#1256726 - 09/24/09 08:41 PM Re: HMDA Reportable? Skittles
MMontjoy01 Offline
Junior Member
MMontjoy01
Joined: Apr 2008
Posts: 47
NC, USA
That is what I was thinking. The compliance officer @ the last bank I worked out would make us report them if the permanent was not with our bank. My thinking and I could be wrong, is if the loan is going to be paid out by permanent mortgage, no matter who it is with, it would be considered temporary financing.

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#1256827 - 09/25/09 01:18 AM Re: HMDA Reportable? MMontjoy01
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I agree with Duchess. Check out are article called "HMDA Temporary Financing" found at our website:
http://www.bankerscompliance.com/compliance-resources/free-downloads.htm
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#1256906 - 09/25/09 01:48 PM Re: HMDA Reportable? David Dickinson
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
As a CO I get skeptical about these things.

Can I ask, if rates are historically low, why they are not getting perm financing now?

Do you have an LO circumventing RESPA?

Is there already a comittment for the perm financing, or are they just planning and hoping?
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