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#1310941 - 12/21/09 10:58 PM Unsecured then to primary res - HMDA reportable?
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
If a customer applies for an unsecured loan to pay off credit cards and the loan committee counteroffers to make the loan with a security taken in her primary residence and the customer declines the counteroffer is this HMDA reportable?

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#1311041 - 12/22/09 03:35 AM Re: Unsecured then to primary res - HMDA reportable? dg
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
No. They did not apply for a HMDA applicable loan.
Even if they did accept your counter-offer, this isn't HMDA (not a purchase, home improvement or refinance).
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David Dickinson
http://www.bankerscompliance.com

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