Thread Options
#1344971 - 02/17/10 10:23 PM HMDA HELP
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
1) We did a loan to purchase a house which the buyers remodeled into a adult foster care home. Is this HMDA reportable?

2) Borrower renewed a construction loan and put it into permanent financing. We used a renewal note but gave it a new loan #. No new mortgage or modification was filed at the county. We referred to original mortgage for collateral. He sold the property on a contract for deed on the same day as he renewed it. Is this HMDA reportable?

Return to Top
HMDA

   
HMDA Academy
#1344997 - 02/17/10 10:53 PM Re: HMDA HELP gunches
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,816
1. Is the adult foster care home a transitory residence (like a nursing home or hotel?) Or is it the permanent home of the residents? If transitory, the loan isn't reportable.

2. Assuming the renewal note isn't a modification agreement, this is reportable.

Return to Top

Moderator:  SMQ, CRCM