Okay....we did a C/P loan and here are the details and my subsequent questions are below:

Date of original app for the C/P loan was 4/24/08.

The loan went from construction to perm financing on 12/23/09.

There is no new credit application or new credit report pulled prior to closing on the perm financing.

There was a 2nd flood pulled on 12/16/09.

There is an approval in the file from 5/08 for the loan, but no subsequent approval for the perm financing.

On the original app, the borrower did not wish to disclose race, ethnicity, sex. The lender never obtained GMI info (until now when we went to book the loan and needed it).

For HMDA purposes
1) What is the application date?
2) What is the approval date?
3) What is the best way to document how we collected GMI?

1. 4/24/08

2. If you are referring to the action taken date then for const/perm loans you have the option to report when the construction phase began or when it converted to permanent financing.

3. If the original app was face to face you mark it as LO observed. If not face to face then you should mark it as is unless the LO met with them face to face during the application process and re-requested the GMI including reading the GMI disclosure to them.

I agree. You don't need a new application prior to the perm financing or credit report (unless that is your policy).

Just to clarify......If there was a 2nd application collected prior to closing on the perm financing, would we use that date as the application date?

Or do we always use the date of the original application?

You received a request for credit on 4/28/08 to build a house. You turned that into two loans. One application = 2 loans. Both have the same application date. You wouldn't have made them the construction loan without knowing they could afford the permanent loan. Therefore, you had an application for the perm loan then.

To take it a step further: For HMDA rate spread, would we use the date the loan was originally approved, or the date in which the rate was set for perm financing?

The rate spread is calculated based on the date the rate was last set.

Okay...back to the issue of the application date...this is a different loan now....I was told by our compliance consultant that we should use the date of the request to convert to permanent financing. In this case, we only had one application. He suggested I use the date of the credit report as the date of application for perm financing.

Assuming C/P means construction/permanent your application for permanent financing was taken on 4/24/08.

If the "different" one is the same scenario, then the date you received the application for the C/P loan is the application date.

You guys are awesome...thanks!!!!